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

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....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.....