Clause by clause:- Taxation Laws (Amendment) Act, 2019

 

 

Clause by clause:- Taxation Laws (Amendment) Act, 2019

Taxation Laws (Amendment) Act, 2019 creates optional 22% and 15% corporate tax regimes with restricted deductions and conditions. The Act inserts optional reduced corporate tax regimes: section 115BAA allows domestic companies to elect a 22% tax rate subject to disallowance of specified deductions, loss and depreciation set-off restrictions, prescribed depreciation computation and irrevocable election procedures; section 115BAB permits new manufacturing companies meeting setup and non use conditions to elect a 15% rate with similar disallowances, special provisos for non-manufacturing income and related-party excess profits, and binding Board guidelines; consequential amendments adjust MAT, advance tax surcharge and related provisions, and repeal the corresponding Ordinance.