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of <h1>Finance Bill 2022 Extends Section 115BAB Tax Incentive Deadline for New Manufacturers to March 31, 2024.</h1> The Finance Bill 2022 proposes extending the deadline for new domestic manufacturing companies to commence production under section 115BAB of the Income-tax Act from March 31, 2023, to March 31, 2024. This section offers a concessional tax rate of 15% for eligible companies that meet specific conditions, including being set up after October 1, 2019. The extension aims to mitigate delays caused by the COVID-19 pandemic, encouraging investment, job creation, and economic growth. The amendment will be effective from April 1, 2022, applicable to the assessment year 2022-23 and beyond.
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