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<h1>Concessional tax under section 115BAB extended to give new manufacturers extra time to commence production due to pandemic delays.</h1> Section 115BAB permits new domestic manufacturing companies to opt for a concessional tax rate if they forgo specified incentives and meet conditions, including commencement of manufacturing by a statutory cut-off. The proposal amends section 115BAB to extend the deadline for commencement of manufacturing or production by one year to relieve companies delayed by the COVID 19 pandemic; the amendment takes effect from 1 April 2022 and applies to the assessment year 2022-23 and subsequent years.
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