TaxTMI Login
Just a moment...
By creating an account you can:
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All TMI Notes
of of All TMI Notes
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>New elective 22% corporate tax regime limits deductions, extinguishes attributable losses and carry-forwards; references sections 45(2), 116, 147, 148</h1> An elective 22% tax regime for domestic companies requires foregoing specified deductions and related carry-forwards; the enacted Act broadens and clarifies several cross-references compared with the Bill: it adds Part E to the governing parts, refers to section 45(2) more broadly (rather than 45(2)(c)), preserves section 148 carve-outs from Chapter VIII, omits the subsection reference in section 116, and expressly cites section 147 for IFSC deductions while using standard 'may be prescribed' drafting. The election is time-bound, irrevocable, extinguishes attributable loss/depreciation set-offs, and increases compliance and documentation risk.
TaxTMI 
TaxTMI 