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of <h1>25% Tax Rate for New Indian Manufacturing Firms Under Section 115BA; No Deductions Allowed, Irrevocable Choice.</h1> Section 115BA of the Income Tax Act imposes a 25% tax rate on certain domestic manufacturing companies established in India on or after March 1, 2016. These companies must be engaged in manufacturing or production and cannot claim deductions under various sections of the Act, such as those related to SEZ units, additional depreciation, and scientific research. Once the option to be taxed under this section is exercised, it cannot be withdrawn. Special income is taxed at special rates, and a surcharge and health and education cess are applicable. Companies must also comply with MAT provisions under section 115JAA.
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