Tax on income of new manufacturing domestic companies.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....otal income of an assessee, being a domestic company, specified in column B of the Table below, shall, at the option of such assessee, be computed at the rates specified in column C, if the conditions contained in column D thereof are fulfilled. Table Sl.No. Assessee Total income and rate of tax Conditions A B C D 1. A domestic company engaged in business of manufa....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....d on or after the 1st October, 2019; (c) has commenced manufacturing or production of an article or thing on or before the 31st March, 2024; (d) the total income of which is computed as per the provisions of sub-section (3); and (e) fulfils all the conditions provided in sub-section (5) of this section and section 205(2) (2) The option under this section shall be exercised by the asses....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....and subsequent tax years. (3) For the purposes of sub-section (1), the total income of the assessee shall be computed,- (a) without any deduction under- (i) sections 45(2)(c) and 47(1)(b); (ii) Chapter VIII other than sections 146 and 148; or (iii) section 205(1)(a) to (g); (b) without set off of any loss or allowance for unabsorbed depreciation deem....