https://www.taxtmi.com/acts?id=49198 A domestic company may elect a concessional tax rate by option, provided its total income is computed without specified deductions and without setting off losses or unabsorbed depreciation attributable to those excluded deductions; such disallowed losses and depreciation are treated as fully given effect and not available in later years. The option must be made in the prescribed manner by the return due date, applies to subsequent years once valid, is irrevocable once exercised, and becomes invalid for the year and subsequent years if conditions are not met. A Unit in the International Financial Services Centre may receive a modified deduction subject to its conditions. en-us Fri, 14 Feb 2025 17:36:20 +0530 Fri, 14 Feb 2025 17:36:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=49198 A domestic company may elect a concessional tax rate by option, provided its total income is computed without specified deductions and without setting off losses or unabsorbed depreciation attributable to those excluded deductions; such disallowed losses and depreciation are treated as fully given effect and not available in later years. The option must be made in the prescribed manner by the return due date, applies to subsequent years once valid, is irrevocable once exercised, and becomes invalid for the year and subsequent years if conditions are not met. A Unit in the International Financial Services Centre may receive a modified deduction subject to its conditions. Act-Rules Bills Fri, 14 Feb 2025 17:36:20 +0530 https://www.taxtmi.com/acts?id=49198