Comparison Chart for Companies opting New Rates of Tax - Section (New) 199, 200 or 201 / (Old) 115BA, 115BAA or 115BAB

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....ngaged only in manufacturing Any domestic company Domestic company engaged in manufacturing or production Tax Rate 25% on total income 22% on total income 15% on manufacturing income Other Income Tax Rate No separate classification Same rate (22%) on total income 22% on certain other income, 30% on deemed income Surcharge and Health & Education Cess  Applicable  Applicable Applicable Date of Incorporation Condition Must be set up and registered on or after 1 March 2016 No incorporation date restriction Must be set up and registered on or after 1 October 2019 Business Activity Restriction Only manufacturing or production (and related....

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.... Effect of Non-compliance Not specifically stated beyond loss treatment Option becomes invalid and normal provisions apply Option becomes invalid for that year and future years Special Provision Can switch to Section 200 IFSC units may claim deduction under Section 147 Option continues after amalgamation if conditions are fulfilled Objective Encourage manufacturing companies established after 2016 Provide simplified corporate tax regime Encourage new manufacturing investments with lowest tax rate Upto 31.03.2026- Comparison chart of the Section 115BA, 15BAA or 115BAC of the income tax act, 1961  S. No Company Rate of Tax   1. If the Domestic Company opts to be t....

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....r benefit u/s should be exercised On or before due date of ROI On or before due date of ROI for any PY relevant to AY commencing on or after 01.04.2020 On or before due date of ROI for furnishing first return of income under the provisions of the Act. 9. Whether existing company can migrate from section 115BA to the new section - Yes, Company which has opted for section 115BA can irrevocably opt for sec 115BAA and thereupon withdraw the option exercised for sec 115BA No. Company which has opted for Sec 115BA can't opt for Sec 115BAB. 10. Tax Rate for Special rates of Income (U/s 112A, 112, 111A etc.) Special rate (Surcharge if applicable) +4% HEC Special Rate + 10% Surcharge + 4% HEC Special Rate + 10%....