Tax on income of new manufacturing domestic companies.

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....pect of the total 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 busin....

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.... sub-section (2); (b) has been set-up and registered 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 secti....

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....this Act shall apply, as if the option had not been exercised for that tax year 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) section 45(2) or 47(1)(b); or (ii) Chapter VIII other than section 146 or 148; or (iii) sections specified in ^1[section 205....