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May 8, 2024 · The new section – Section 115BAA has been inserted in the Income Tax Act,1961 to give the benefit of a reduced corporate tax rate for the domestic companies. Section 115BAA states that domestic companies have the option to pay tax at a rate of 22% plus surcharge of 10% and cess of 4%.
Apr 7, 2020 · Inorder to promote growth and investment and to be competitive as a nation (especially with respect to tax rates), Government of India has introduced a new section 115BAA in the Income Tax Act which provides a lower rate of taxation @ 22 % for domestic companies.
Apr 1, 2020 · Section 115BAA states that domestic companies have the option to pay tax at a rate of 22% from the FY 2019-20 (AY 2020-21) onwards if such domestic companies adhere to certain conditions specified. Conditions for eligibility criteria. New Effective Rate.
Jan 28, 2021 · Section 115BAA was introduced by the Government of India through the Taxation (Amendment) Ordinance 2019 on the 20th of September 2019 with the objective of proffering reduced rates of taxes to domestic companies.
Dec 14, 2023 · The tax rate u/s 115BAA for all domestic companies (Private or Public) is 22%. Surcharge of 10% and education cess of 4% is applicable on the tax rate for all domestic companies. The effective tax rate is 25.168% Year of Applicability. Section 115BAA is applicable w.e.f AY 2020-21.
Mar 16, 2023 · Section 115BAA is a provision that provides an option to domestic companies to pay tax at a lower rate of 22%, subject to certain conditions. This provision was introduced in the Finance Act, 2019, and it is applicable from the assessment year 2020-21 onwards.
Jan 18, 2020 · The Taxation Law (Amendment) Ordinance 2019 introduce Section 115BAA on 20 th September 2019 applicable from the financial year 2019-20. Lower Income Tax Rate. This section provides an option only to domestic companies to pay income tax at the rate of 22% (plus applicable surcharge and cess) beginning from the financial year 2019-20.
Nov 4, 2022 · The Indian Government introduced section 115BAA on the 20th of September 2019 through the Taxation Amendment Ordinance 2019 with the objective of allowing domestic companies with lower tax rates. Under this section, the domestic companies are given an option to pay tax at the rate of 22% (instead of 25% or 30%).
Mar 9, 2023 · Section 115BAA of the Income Tax Act has been introduced to lower the corporate tax rate for Indian firms. The amendment has paved the way for domestic companies to pay tax at a rate of 22%, along with a surcharge of 10% and a cess of 4% instead of the standard corporate tax rate of 30% in India.
Nov 22, 2022 · To strengthen the Start-up ecosystem & support domestic Companies the Government of India through Taxation (Amendment) Ordinance 2019 stirred Section 115BAA which stipulates for reduced rate of tax and exemption from minimum alternate tax (MAT) in respect of certain domestic companies.
