Power bank definition limits the customs-duty exclusion, preserving concessional treatment for stationary, grid-scale and industrial battery storage s...
Packing-material input credits support inverted-duty refunds for packaged tea, while rate-reduction and concessional-supply circulars remain inapplica...
Valid exercise of a domestic company's option under section 115BAB for its first eligible assessment year continues for later years and cannot be withdrawn. Absence of income or tax computation under that provision in the initial year neither withdraws nor cancels the option, since the provision does not require tax to have been payable in that year. Continuing validity of the option does not by itself secure the concessional corporate tax rate; the company must satisfy the statutory eligibility conditions for each relevant year. Eligibility for the later year requires verification of the conditions under section 115BAB(2).
Valid exercise of a domestic company's option under section 115BAB for its first eligible assessment year continues for later years and cannot be withdrawn. Absence of income or tax computation under that provision in the initial year neither withdraws nor cancels the option, since the provision does not require tax to have been payable in that year. Continuing validity of the option does not by itself secure the concessional corporate tax rate; the company must satisfy the statutory eligibility conditions for each relevant year. Eligibility for the later year requires verification of the conditions under section 115BAB(2).
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
