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of <h1>Finance Bill 2020 amends concessional tax schemes for domestic companies u/ss 115BAA and 115BAB, limiting deductions.</h1> The Finance Bill 2020 proposes modifications to the concessional tax schemes under sections 115BAA and 115BAB, which offer domestic companies the option to be taxed at reduced rates if they forgo certain deductions and incentives. The amendments specify that deductions under Chapter VI-A, except for sections 80JJAA and 80M, will not be allowed for companies opting for these tax rates. These changes are set to take effect from April 1, 2020, impacting the assessment year 2020-21 and subsequent years.
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