https://www.taxtmi.com/highlights?id=104779 Valid exercise of a domestic company's option under section 115BAB for its first eligible assessment year continues for later years and cannot be withdrawn. Absence of income or tax computation under that provision in the initial year neither withdraws nor cancels the option, since the provision does not require tax to have been payable in that year. Continuing validity of the option does not by itself secure the concessional corporate tax rate; the company must satisfy the statutory eligibility conditions for each relevant year. Eligibility for the later year requires verification of the conditions under section 115BAB(2). en-us Sat, 10 Oct 2026 08:32:32 +0530 Sat, 10 Oct 2026 08:32:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=104779 Valid exercise of a domestic company's option under section 115BAB for its first eligible assessment year continues for later years and cannot be withdrawn. Absence of income or tax computation under that provision in the initial year neither withdraws nor cancels the option, since the provision does not require tax to have been payable in that year. Continuing validity of the option does not by itself secure the concessional corporate tax rate; the company must satisfy the statutory eligibility conditions for each relevant year. Eligibility for the later year requires verification of the conditions under section 115BAB(2). Highlights Income Tax Sat, 10 Oct 2026 08:32:32 +0530 https://www.taxtmi.com/highlights?id=104779