{"id":2439,"date":"2019-11-01T11:08:23","date_gmt":"2019-11-01T05:38:23","guid":{"rendered":"https:\/\/aktassociates.com\/blog\/?p=2439"},"modified":"2019-11-01T11:09:10","modified_gmt":"2019-11-01T05:39:10","slug":"the-taxation-laws-amendment-ordinance-2019","status":"publish","type":"post","link":"https:\/\/aktassociates.com\/blog\/the-taxation-laws-amendment-ordinance-2019\/","title":{"rendered":"The Taxation Laws (Amendment) Ordinance, 2019"},"content":{"rendered":"<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\/the-taxation-laws-amendment-ordinance-2019\/#Purpose\" title=\"Purpose:-\">Purpose:-<\/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\/the-taxation-laws-amendment-ordinance-2019\/#The_ordinance_is_presented_as_mentioned_below\" title=\"The ordinance is presented as mentioned below:-\">The ordinance is presented as mentioned below:-<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/aktassociates.com\/blog\/the-taxation-laws-amendment-ordinance-2019\/#section_115BAA\" title=\"[section 115BAA]\">[section 115BAA]<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/aktassociates.com\/blog\/the-taxation-laws-amendment-ordinance-2019\/#section_115BAB\" title=\"[section 115BAB]\">[section 115BAB]<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/aktassociates.com\/blog\/the-taxation-laws-amendment-ordinance-2019\/#section_115JB\" title=\"[section 115JB]\">[section 115JB]<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Purpose\"><\/span><b>Purpose:-<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The main purpose behind Ordinance provides domestic companies\u00a0 an option to opt for <\/span>Lower tax rates<span style=\"font-weight: 400;\">, provided further that\u00a0 they would not claim any certain deductions<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-2437 size-full\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/10\/TAX-LAW.png\" alt=\"taxation laws\" width=\"700\" height=\"400\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/10\/TAX-LAW.png 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/10\/TAX-LAW-300x171.png 300w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/10\/TAX-LAW-20x11.png 20w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"The_ordinance_is_presented_as_mentioned_below\"><\/span><b>The ordinance is presented as mentioned below:-<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"section_115BAA\"><\/span><b>[section 115BAA]<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Any domestic company has an option to pay tax at 22%, subject to the following conditions:<\/span><\/p>\n<ul>\n<li><b><span style=\"font-weight: 400;\">\u2212 The total income is computed without claiming prescribed deductions or set-off of loss [See note 1 for the computation mechanism]<\/span><\/b><\/li>\n<\/ul>\n<p><b>These include deductions provided for:<\/b><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">(1) depreciation of new plant or machinery (in certain cases), and<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0(2) various other provisions in the<a href=\"https:\/\/aktassociates.com\/blog\/section-143-2-of-income-tax-act-1961\/\"> Income Tax Act<\/a> (under Chapter VI-A, except the deductions provided for the employment of new employees)<\/span><\/p>\n<ul>\n<li><b><span style=\"font-weight: 400;\">The option needs to be exercised within the prescribed time for<a href=\"https:\/\/aktassociates.com\/blog\/income-tax-return-filing\/\"> filing the return of income<\/a> (ROI) under section 139(1) of the Act for assessment year (AY) 2020-21.<\/span><\/b><\/li>\n<\/ul>\n<ul>\n<li><span style=\"font-weight: 400;\">Once exercised, such an option cannot be withdrawn for the same or subsequent AYs<\/span><\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"section_115BAB\"><\/span><b>[section 115BAB]<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>\u00a0The tax rate applicable to certain NEW domestic manufacturing companies:-<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">Any domestic manufacturing company has an option to pay tax at 15%, subject to the following conditions:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\"> The total income is computed without claiming prescribed deductions or set-off of loss (<\/span>As mentioned above for\u00a0 the computation mechanism)<\/li>\n<li><span style=\"font-weight: 400;\">Such company \u2212 <\/span>Is incorporated on or after 1 October 2019<span style=\"font-weight: 400;\">, and commences production on or before 31 March 2023. \u2212 It does not use plant and machinery previously used for any purpose in India and no depreciation has been claimed on the same (relaxation up to 20% allowed). \u2212 It does not use any building previously used as a hotel or convention center. \u2013provided also further that it will not be engaged in any business other than the manufacturing or production of any article or thing and research in relation to or distribution of such article or thing manufactured or produced by it.<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> The option needs to be exercised before the due date as per section 139(1) of the Act for furnishing the first of the return of income for any previous year starting from AY 2020-21&#8230;<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Once exercised, such an option cannot be withdrawn for the same or subsequent AYs.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Provisions similar to section 80IA(10) of the Act are made applicable for transactions between connected parties which has the effect of producing more than the ordinary profit that might be expected to arise.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"section_115JB\"><\/span><b>[section 115JB]<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><b>Minimum Alternate Tax\u00a0<\/b><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\"> Companies exercising the option under sections 115BAA or 115BAB of the Act have been <\/span>excluded from the applicability of MAT<span style=\"font-weight: 400;\">.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">The tax rate under section 115JB of the Act has been reduced from 18.5% to 15%.<\/span><\/li>\n<\/ul>\n<p><b>Surcharge rates specified for sections 115BAA or 115BAB<\/b><span style=\"font-weight: 400;\"> \u2013\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For the purpose of advance tax, the applicable surcharge rate on incomes chargeable to tax under sections 115BAA or 115BAB of the Act shall be at 10%.<\/span><\/p>\n<p><b>Amendments to existing section 115BA<\/b><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\"> Corresponding amendments made to section 115BA of the Act to provide that it would apply to companies other than those mentioned in<a href=\"https:\/\/aktassociates.com\/blog\/section-115bab-by-finance-act\/\"> sections 115BAA and 115BAB<\/a> of the Act.\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> For a person exercising option under section 115BAB of the Act, the option under section 115BA of the Act may be withdrawn.<\/span><\/li>\n<\/ul>\n<p><a href=\"https:\/\/aktassociates.com\/business-compliance\/yearly-compliance\/it-return-filing\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-2340 size-full\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/10\/Income-Tax-Return-filing.png\" alt=\"Income Tax Return filing\" width=\"700\" height=\"150\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/10\/Income-Tax-Return-filing.png 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/10\/Income-Tax-Return-filing-300x64.png 300w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/10\/Income-Tax-Return-filing-20x4.png 20w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/a><\/p>\n<p><b>Amendments on the applicability of the enhanced surcharge rates on certain incomes<\/b><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\"> The surcharge rate of 25%\/ 37% introduced by the Finance (No.2) Act, 2019, shall not apply to capital gains arising on sale of equity share in a company or a unit of an equity-oriented fund or unit of business trust referred to in sections 111A or 112A of the Act.\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> The enhanced surcharge rate of 25%\/ 37% shall also not apply to the income of foreign institutional investors (FIIs) from securities as referred to in section 115AD of the Act.<\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Purpose:- The main purpose behind Ordinance provides domestic companies\u00a0 an option to opt for Lower tax rates, provided further that\u00a0 &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"The Taxation Laws (Amendment) Ordinance, 2019\" class=\"read-more button\" href=\"https:\/\/aktassociates.com\/blog\/the-taxation-laws-amendment-ordinance-2019\/#more-2439\">Read more<span class=\"screen-reader-text\">The Taxation Laws (Amendment) Ordinance, 2019<\/span><\/a><\/p>\n","protected":false},"author":4,"featured_media":2438,"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>The 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