{"id":2222,"date":"2019-10-15T12:28:26","date_gmt":"2019-10-15T06:58:26","guid":{"rendered":"https:\/\/aktassociates.com\/blog\/?p=2222"},"modified":"2019-10-15T12:28:26","modified_gmt":"2019-10-15T06:58:26","slug":"section-115bab-by-finance-act","status":"publish","type":"post","link":"https:\/\/aktassociates.com\/blog\/section-115bab-by-finance-act\/","title":{"rendered":"New Introduced Section 115BAB\u00a0 by Finance Act\u00a0"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Which company will get a lower tax benefit, what is the Tax Effect, the meaning of the new manufacturing company, what\u00a0 will be the tax liability<\/span><i><\/i><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-2226 size-full\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/10\/Section-115BAB-Finance-Act.png\" alt=\"Section 115BAB Finance Act\" width=\"700\" height=\"400\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/10\/Section-115BAB-Finance-Act.png 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/10\/Section-115BAB-Finance-Act-300x171.png 300w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/10\/Section-115BAB-Finance-Act-20x11.png 20w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/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\/section-115bab-by-finance-act\/#Purpose_of_Introduction_Section_115BAB\" title=\"Purpose of Introduction Section 115BAB:-\">Purpose of Introduction Section 115BAB:-<\/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\/section-115bab-by-finance-act\/#Manufacturing_meaning\" title=\"Manufacturing meaning:-\">Manufacturing meaning:-<\/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\/section-115bab-by-finance-act\/#Applicability\" title=\"Applicability:-\">Applicability:-<\/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\/section-115bab-by-finance-act\/#What_Specified_Conditions_to_be_fulfilled_for_lower_Tax_benefit\" title=\"What Specified Conditions to be fulfilled for lower Tax benefit:-\">What Specified Conditions to be fulfilled for lower Tax benefit:-<\/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\/section-115bab-by-finance-act\/#Tax_liability_under_section_115BAB\" title=\"Tax liability under section 115BAB\">Tax liability under section 115BAB<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/aktassociates.com\/blog\/section-115bab-by-finance-act\/#Time_to_avail_this_lower_Exemption_under_section_115BAB\" title=\"Time to avail this lower Exemption under section 115BAB:-\">Time to avail this lower Exemption under section 115BAB:-<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/aktassociates.com\/blog\/section-115bab-by-finance-act\/#Transfer_pricing_provisions_Applicability\" title=\"Transfer pricing provisions Applicability:\">Transfer pricing provisions Applicability:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/aktassociates.com\/blog\/section-115bab-by-finance-act\/#Relaxation_to_newly_Manufactured_Companies\" title=\"Relaxation to newly Manufactured Companies:-\">Relaxation to newly Manufactured Companies:-<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Purpose_of_Introduction_Section_115BAB\"><\/span><b>Purpose of Introduction Section 115BAB:-<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">To boost manufacturing for new ventures without incentives and concessions at 15% (plus a surcharge of 10% plus Health surcharge at 4% of Tax)\u00a0\u00a0taxation under the new section 115 BAB inserted into the<a href=\"https:\/\/aktassociates.com\/blog\/income-tax-rules-for-nri\/\"> Income Tax Act<\/a>, 1961<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Manufacturing_meaning\"><\/span><b>Manufacturing meaning:-<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">\u2018Manufacture\u2019 is defined as the \u201ctransformation of an object into a new article or their..\u201d<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Applicability\"><\/span><b>Applicability:-<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">A domestic company\u00a0registered on or after 1 October 2019 and has commenced manufacturing on or before 31 March 2023<\/span><span style=\"font-weight: 400;\"> will be eligible for lower tax benefits. A further <\/span><span style=\"font-weight: 400;\">domestic company that is fulfilling <\/span><span style=\"font-weight: 400;\">specified conditions can claim benefit of section 115BAB.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_Specified_Conditions_to_be_fulfilled_for_lower_Tax_benefit\"><\/span>What Specified Conditions to be fulfilled for lower Tax benefit:-<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">A domestic company will be entitled to the benefit of low corporate tax rate if it satisfies the following conditions:<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Such a company should:<\/span>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Not be formed by the splitting up and reconstruction of a business already in existence except in case of a business re-established under section 33B<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">It does not use any plant or machinery previously used for any purpose. However, the company can use plants and machinery used outside India and used in India for the first time. Also, the company can use old plant and machinery, the value of which does not exceed 20% of the total value of the plant and machinery used by the company.<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Does not use a building previously <\/span><span style=\"font-weight: 400;\">or <\/span><span style=\"font-weight: 400;\">used as a hotel or\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The company should be engaged in the business of manufacture or production of any article or thing, and research in relation to such article or thing. The company can also be engaged in the distribution of such article or thing manufactured or produced by it.<\/span><\/li>\n<\/ol>\n<p><b>NOTE:- <\/b>The total income of the company should be calculated without claiming tax exemptions and incentives:<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Tax_liability_under_section_115BAB\"><\/span><b>Tax liability under section 115BAB<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The effective tax rate will apply to domestic companies availing the benefit of section 115BAA is 17.16%. The break up such tax rate is as follows:<\/span><\/p>\n<table>\n<tbody>\n<tr>\n<td><b>Base tax rate<\/b><\/td>\n<td><b>Surcharge applicable\u00a0<\/b><\/td>\n<td><b>Cess<\/b><\/td>\n<td><b>Effective tax rate<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">15%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">15*1.1*1.04 = 17.16%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2><span class=\"ez-toc-section\" id=\"Time_to_avail_this_lower_Exemption_under_section_115BAB\"><\/span><b>Time to avail this lower Exemption under section 115BAB:-<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">A new manufacturing company\u00a0has to exercise the option on or before the due date of <a href=\"https:\/\/aktassociates.com\/blog\/income-tax-return-filing\/\">filing income tax returns<\/a> i.e usually 30th September of the assessment year. Once the company opts for section 115BAB in a particular financial year, it cannot be withdrawn subsequently.<\/span><\/p>\n<p><b>Example:-<\/b><\/p>\n<p>let&#8217;s say, Mahindra limited engaged in manufacturing of Article incorporated on 25 Oct 2019, then if this company opt for the benefits of section 115BAB then it will be allowed to claim a lower rate of 15%(plus 10% and cess 3%), instead of higher rate 30 %<\/p>\n<h2><a href=\"https:\/\/aktassociates.com\/business-compliance\/yearly-compliance\/it-return-filing\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-2208 size-full\" 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=\"Transfer_pricing_provisions_Applicability\"><\/span><b>Transfer pricing provisions Applicability:<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">On these companies, Transfer provisions will be applicable between an Associate company having International and Specified Domestic Transactions.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Relaxation_to_newly_Manufactured_Companies\"><\/span><b>Relaxation to newly Manufactured Companies:-<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">At a great extent, these Domestic companies as specified are specially benefited by the taxation lower Rate at 15 % + 10%+4%<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Which company will get a lower tax benefit, what is the Tax Effect, the meaning of the new manufacturing company, &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"New Introduced Section 115BAB\u00a0 by Finance Act\u00a0\" class=\"read-more button\" href=\"https:\/\/aktassociates.com\/blog\/section-115bab-by-finance-act\/#more-2222\">Read more<span class=\"screen-reader-text\">New Introduced Section 115BAB\u00a0 by Finance Act\u00a0<\/span><\/a><\/p>\n","protected":false},"author":4,"featured_media":2228,"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>New Introduced Section 115BAB\u00a0 by Finance Act\u00a0 AKT 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