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ITAT held that a domestic company with turnover below Rs. 400 crore in FY 2018-19 is eligible for the concessional corporate tax rate of 25% as per para (e) of Finance Bill 2021, instead of 30%. On assessee's plea and based on audited financial statements produced, the Tribunal remanded the matter to the jurisdictional AO for factual verification of turnover. ITAT directed that, if on verification the assessee's turnover is found to be below Rs. 400 crore, its total income shall be taxed at 25%.
ITAT held that a domestic company with turnover below Rs. 400 crore in FY 2018-19 is eligible for the concessional corporate tax rate of 25% as per para (e) of Finance Bill 2021, instead of 30%. On assessee's plea and based on audited financial statements produced, the Tribunal remanded the matter to the jurisdictional AO for factual verification of turnover. ITAT directed that, if on verification the assessee's turnover is found to be below Rs. 400 crore, its total income shall be taxed at 25%.
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