{"id":1958,"date":"2019-09-25T17:48:15","date_gmt":"2019-09-25T12:18:15","guid":{"rendered":"https:\/\/aktassociates.com\/blog\/?p=1958"},"modified":"2020-01-11T18:33:47","modified_gmt":"2020-01-11T13:03:47","slug":"amendment-in-the-corporate-tax-of-india","status":"publish","type":"post","link":"https:\/\/aktassociates.com\/blog\/amendment-in-the-corporate-tax-of-india\/","title":{"rendered":"Amendment In The Corporate Tax of India\u00a0"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Normally the domestic Companies are taxed at the rate of 30% (company having turnover less than <\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">250<\/span><span style=\"font-weight: 400;\"> crore the tax rate shall be 25%.) To uplift the economy and to promote make in India the government of India GOI has provided certain lower rate of tax to domestic Companies when complied with the conditions specified which shall be discussed in this article below.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-1953 aligncenter\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/09\/Amendment-in-the-corporate-tax-of-India.png\" alt=\"Amendment in the corporate tax of India\" width=\"700\" height=\"400\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/09\/Amendment-in-the-corporate-tax-of-India.png 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/09\/Amendment-in-the-corporate-tax-of-India-300x171.png 300w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/09\/Amendment-in-the-corporate-tax-of-India-20x11.png 20w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">With an objective to increase GDP and to promote growth and investment in India, the president of India has promulgated an ordinance act called as the Taxation laws (amendment) ordinance,2019 which was announced by the Union finance minister.<\/span><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_66_1 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >In this article, we will discuss about...<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #1e73be;color:#1e73be\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #1e73be;color:#1e73be\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/aktassociates.com\/blog\/amendment-in-the-corporate-tax-of-india\/#Amendments_made_in_corporate_tax\" title=\"Amendments made in corporate tax\">Amendments made in corporate tax<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/aktassociates.com\/blog\/amendment-in-the-corporate-tax-of-india\/#Section-115BAA_Tax_on_Income_of_Certain_Domestic_Company\" title=\"Section-115BAA Tax on Income of Certain Domestic Company\">Section-115BAA Tax on Income of Certain Domestic Company<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/aktassociates.com\/blog\/amendment-in-the-corporate-tax-of-india\/#Section-115BAB_Tax_on_Income_of_Certain_New_Manufacturing_Domestic_Company\" title=\"Section-115BAB Tax on Income of Certain New Manufacturing Domestic Company\">Section-115BAB Tax on Income of Certain New Manufacturing Domestic Company<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/aktassociates.com\/blog\/amendment-in-the-corporate-tax-of-india\/#Section-115BA_Tax_on_Income_of_Certain_Domestic_Manufacturing_Company\" title=\"Section-115BA Tax on Income of Certain Domestic Manufacturing Company\">Section-115BA Tax on Income of Certain Domestic Manufacturing Company<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/aktassociates.com\/blog\/amendment-in-the-corporate-tax-of-india\/#_Applicability_of_Mat_provision\" title=\"\u00a0Applicability of Mat provision\u00a0\">\u00a0Applicability of Mat provision\u00a0<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Amendments_made_in_corporate_tax\"><\/span><strong>Amendments made in corporate tax<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Section 115BAA<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Section 115BAB<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Section 115BA<\/span><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Section-115BAA_Tax_on_Income_of_Certain_Domestic_Company\"><\/span><strong>Section-115BAA Tax on Income of Certain Domestic Company<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">A new section 115BAA \u2013 Tax on Income of Certain domestic Company had been introduced into the Income Tax act, 1961 via Taxation laws amendment (ordinance) act,2019 with effect from 1<\/span><span style=\"font-weight: 400;\">st<\/span><span style=\"font-weight: 400;\"> April 2020.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As per sec-115BAA, the total income of the domestic Company shall be taxed at the rate of <\/span><b>22%<\/b><span style=\"font-weight: 400;\"> plus surcharge and applicable cess,i.e.,25.168% if the following below conditions has been satisfied<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The total income of such domestic Company shall be computed without claiming any deductions or incentives in respect of the following provisions:-<\/span>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Section 10AA<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Section 32(1)(iia)<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Section 32 AD<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Section 33AB<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Section 33ABA<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Clause ii or iia or iii of Section 35(2AB)<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Clause ii or iia or iii of Section 35(2AA)<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Clause ii or iia or iii of Section 35(1)<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Section 35CCC<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Section 35CCD<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Under any provision of chapter VIA other than <\/span>Section 80JJAA<\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The total income of such domestic Company shall be computed without any setoff or carry forward of the losses of any previous year and such loss shall be deemed to have been utilized already and further no deduction shall be available.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Only depreciation under section 32 has to be claimed and no depreciation under section 32 (1)(iia) shall be available<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The option under section should be exercised before the due date for filing return of income under section 39(1)<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The Minimum Alternative Tax (MAT) provisions under section 115JB shall not apply to the person opting section 115BAA<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><strong>Note:<\/strong> once the option has been exercised, it shall apply to all subsequent assessment years and cannot be withdrawn for the same year or for any subsequent years<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Section-115BAB_Tax_on_Income_of_Certain_New_Manufacturing_Domestic_Company\"><\/span><strong>Section-115BAB Tax on Income of Certain New Manufacturing Domestic Company<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">A new section 115BAB \u2013 Tax on Income of Certain New Manufacturing domestic Company had been introduced into the<a href=\"https:\/\/aktassociates.com\/blog\/income-tax-rules-for-nri\/\"> Income Tax act<\/a>, 1961 via Taxation laws amendment (ordinance) act,2019 with effect from 1<\/span><span style=\"font-weight: 400;\">st<\/span><span style=\"font-weight: 400;\"> April 2020.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As per sec-115BAB, the total income of the new manufacturing domestic Company shall be taxed at the rate of 15% plus surcharge and applicable cess, i.e.,17.16%, if the following below conditions has been satisfied<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The company should be incorporated or set up on or after 1<\/span><span style=\"font-weight: 400;\">st<\/span><span style=\"font-weight: 400;\"> day October 2019 and the manufacturing should be commenced before 31<\/span><span style=\"font-weight: 400;\">st<\/span><span style=\"font-weight: 400;\"> march 2023.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The company should be engaged only in the business of <\/span>manufacturing <span style=\"font-weight: 400;\">or any <\/span>research<span style=\"font-weight: 400;\"> in relation to<\/span><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The total income of such new manufacturing domestic Company shall be computed without claiming any deductions or incentives in respect of the\u00a0 following provisions<\/span>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Section 10AA<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Section 32(1)(iia)<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Section 32 AD<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Section 33AB<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Section 33ABA<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Clause ii or iia or iii of Section 35(2AB)<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Clause ii or iia or iii of Section 35(2AA)<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Clause ii or iia or iii of Section 35(1)<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Section 35CCC<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Section 35CCD<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Under any provision of chapter VIA other than <\/span>Section 80JJAA<\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The total income of such new manufacturing domestic Company shall be computed <\/span>without any setoff or carry forward of the losses of any previous year and such loss shall be deemed to have been utilized already and further no deduction shall be available<\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Only depreciation under section 32 has to claim and no <\/span>Additional\u00a0 <span style=\"font-weight: 400;\">depreciation under section 32 (1)(iia) shall be available<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The option under section should be exercised before the due date for filing return of income under section 39(1)<\/span><\/li>\n<\/ul>\n<p>The Minimum Alternative Tax (MAT) provisions under section 115JB shall not apply to the person opting section 115BAB<\/p>\n<p><span style=\"font-weight: 400;\"><strong>Note:<\/strong> once the option has been exercised, it shall apply to all subsequent assessment years and cannot be withdrawn for the same year or for any subsequent years<\/span><\/p>\n<h2><a href=\"https:\/\/aktassociates.com\/business-compliance\/yearly-compliance\/it-return-filing\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-2208\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/10\/IT-Return-filing-for-Business.png\" alt=\"IT Return filing for Business\" width=\"700\" height=\"150\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/10\/IT-Return-filing-for-Business.png 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/10\/IT-Return-filing-for-Business-300x64.png 300w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/10\/IT-Return-filing-for-Business-20x4.png 20w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/a><\/h2>\n<h2><span class=\"ez-toc-section\" id=\"Section-115BA_Tax_on_Income_of_Certain_Domestic_Manufacturing_Company\"><\/span><strong>Section-115BA Tax on Income of Certain Domestic Manufacturing Company<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">As per sec-115BA, the total income of the domestic manufacturing Company shall be taxed at the rate of 25% plus surcharge and applicable cess, if the following below conditions has been satisfied<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The company should be incorporated or set up on or after 1<\/span><span style=\"font-weight: 400;\">st<\/span><span style=\"font-weight: 400;\"> March of 2016<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The company should be engaged only in the business of manufacturing or any research<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The total income of such domestic Company shall be computed without claiming any deductions or incentives in respect of the\u00a0 following provisions<\/span><\/li>\n<\/ul>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Section 10AA<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Section 32(1)(iia)<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Section 32AC<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Section 32 AD<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Section 33AB<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Section 33ABA<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Clause ii or iia or iii of Section 35(2AB)<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Clause ii or iia or iii of Section 35(2AA)<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Clause ii or iia or iii of Section 35(1)<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Section 35AC<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Section 35AD<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Section 35CCC<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Section 35CCD<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Under any provision of chapter VIA other than Section 80JJAA<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The total income of such domestic manufacturing Company shall be computed without any setoff or carry forward of the losses of any previous year and such loss shall be deemed to have been utilized already and further no deduction shall be available<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Only depreciation under section 32 has to claim and no depreciation under section 32 (1)(iia) shall be available<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The option under section should be exercised before the due date for <a href=\"https:\/\/aktassociates.com\/blog\/income-tax-return-filing\/\">filing return of income<\/a> under section 39(1)<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">If a person exercises the option as per section 115BAB, then the option under section 115BA shall be withdrawn and no longer available.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><strong>Note:<\/strong> once the option has been exercised, it shall apply to all subsequent assessment years and cannot be withdrawn for the same year or for any subsequent years<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"_Applicability_of_Mat_provision\"><\/span><b>\u00a0Applicability of Mat provision\u00a0<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The rate of Minimum Alternative Tax (MAT) under section 115JB shall be reduced to 15% from 18.5%.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Normally the domestic Companies are taxed at the rate of 30% (company having turnover less than \u00a0250 crore the tax &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"Amendment In The Corporate Tax of India\u00a0\" class=\"read-more button\" href=\"https:\/\/aktassociates.com\/blog\/amendment-in-the-corporate-tax-of-india\/#more-1958\">Read more<span class=\"screen-reader-text\">Amendment In The Corporate Tax of India\u00a0<\/span><\/a><\/p>\n","protected":false},"author":4,"featured_media":1954,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Amendment in the corporate tax of India\u00a0 AKT Associates<\/title>\n<meta name=\"description\" content=\"Normally the domestic Companies are taxed at the rate of 30% (company having turnover less than \u00a0250 crore the tax 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