Concessional tax regime for new manufacturing domestic companies applies only on strict eligibility, asset-use, and deduction restrictions. Tax on income of newly set-up domestic manufacturing companies is available only to domestic companies engaged in manufacture or production, subject to conditions on incorporation, commencement of manufacturing, prescribed exercise of option, and compliance with statutory restrictions on business structure, plant and machinery, and permitted activities. Manufacturing income is taxable at 15%, non-manufacturing income and certain short-term capital gains at 22%, and deemed income at 30%, with surcharge and health and education cess added. Specified deductions are disallowed, related losses and unabsorbed depreciation cannot be set off, and the option once exercised cannot be withdrawn.