Dear Experts,
The new Section 115BAA has been inserted in the Income tax Act, on 5th September 2019 to give the benefit of a reduced corporate tax rate for all the domestic companies. They have the option to pay tax at a rate of 22% from the FY 2019-20 onwards.
Kindly advice whether any threshold limit in turnover for availing the benefit?
Exploring Section 115BAA: No Turnover Limit for 22% Corporate Tax Rate, Plus 10% Surcharge and 4% Cess The discussion involves a query about the new Section 115BAA of the Income Tax Act, effective from September 5, 2019, which allows domestic companies to opt for a reduced corporate tax rate of 22% starting from the fiscal year 2019-20. The inquirer seeks clarification on whether there is a threshold limit in turnover to avail this benefit. The response clarifies that there is no prescribed turnover threshold. However, the 22% tax rate will be subject to an additional 10% surcharge and 4% cess. (AI Summary)
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