Electricity network contributions remain revenue expenditure where ownership and maintenance stay with the electricity board, supporting business prof...
Domestic companies with turnover below the prescribed threshold are subject to the 25% corporate tax rate fixed by the Finance Act applicable to the relevant assessment year. An incorrect reference to section 115BA in the return does not justify applying the higher 30% rate where the company otherwise qualifies for the concessional rate. The applicable statutory rate must be applied to returned income, and the benefit is not denied solely because a revised return was not filed.
Domestic companies with turnover below the prescribed threshold are subject to the 25% corporate tax rate fixed by the Finance Act applicable to the relevant assessment year. An incorrect reference to section 115BA in the return does not justify applying the higher 30% rate where the company otherwise qualifies for the concessional rate. The applicable statutory rate must be applied to returned income, and the benefit is not denied solely because a revised return was not filed.
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