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of <h1>New Tax Rate Option for Companies: Section 115BAA Allows 22% Tax Rate Without Deductions; Irrevocable Choice Before Filing Deadline.</h1> The Taxation Laws (Amendment) Ordinance, 2019 introduced section 115BAA in the Income-tax Act, 1961, allowing domestic companies to opt for a reduced tax rate of 22% from April 1, 2020, without claiming deductions or exemptions. This option must be exercised before the income return due date and is irrevocable. Companies opting for this cannot claim set-offs for brought forward losses from additional depreciation or MAT credit. However, companies may choose to exercise this option after utilizing existing credits or losses. These clarifications address stakeholder concerns regarding the treatment of such losses and credits under the new tax regime.
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