Concessional corporate tax rate applies despite an incorrect return provision reference where turnover eligibility is otherwise satisfied.

Concessional corporate tax rate applies despite an incorrect return provision reference where turnover eligibility is otherwise satisfied. https://www.taxtmi.com/highlights?id=102875 Domestic companies with turnover below the prescribed threshold are subject to the 25% corporate tax rate fixed by the Finance Act applicable to the relevant assessment year. An incorrect reference to section 115BA in the return does not justify applying the higher 30% rate where the company otherwise qualifies for the concessional rate. The applicable statutory rate must be applied to returned income, and the benefit is not denied solely because a revised return was not filed. en-us Thu, 20 Aug 2026 08:14:28 +0530 Thu, 20 Aug 2026 08:14:28 +0530 TaxTMI RSS Generator Concessional corporate tax rate applies despite an incorrect return provision reference where turnover eligibility is otherwise satisfied. https://www.taxtmi.com/highlights?id=102875 Domestic companies with turnover below the prescribed threshold are subject to the 25% corporate tax rate fixed by the Finance Act applicable to the relevant assessment year. An incorrect reference to section 115BA in the return does not justify applying the higher 30% rate where the company otherwise qualifies for the concessional rate. The applicable statutory rate must be applied to returned income, and the benefit is not denied solely because a revised return was not filed. Highlights Income Tax Thu, 20 Aug 2026 08:14:28 +0530 https://www.taxtmi.com/highlights?id=102875