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Section 115BAB – For domestic manufacturing company which is a New Company

. 1. Applicability of Section 115BAB This section is applicable w.e.f. 1st April 2019 [FY 2019-20 (A.Y. 2020-21)]. Benefit of lower tax rate is available to domestic companies who satisfying the specified conditions mentioned in point 2. This section states that domestic companies have the option to pay tax at a lower rate of 15%. 2. Conditions … Continue reading “Section 115BAB – For domestic manufacturing company which is a New Company”

Section 115BAA – Lower Tax Rate introduced for Domestic Companies

. 1. Applicability of Section 115BAA This section is applicable w.e.f. 1st  April 2019 [FY 2019-20 (A.Y. 2020-21)]. Benefit of lower tax rate is available to all domestic companies after they comply certain conditions. Domestic Companies are given an option. Option once exercised cannot be revoked (That is no coming back by choice). But if you … Continue reading “Section 115BAA – Lower Tax Rate introduced for Domestic Companies”

Income Tax Rates for other than Individual for F.Y. 2020-21 (A.Y. 2021-22)

.fvdvgfgvdf 1. Tax Rate for Companies: Tax rates for domestic companies Particulars Tax rates Total turnover or gross receipts during the previous year 2017-18 does not exceed Rs. 400 Crore 25% Other domestic companies 30%   Tax rates for foreign companies The tax rate for foreign company is 40%. In case foreign company received any … Continue reading “Income Tax Rates for other than Individual for F.Y. 2020-21 (A.Y. 2021-22)”

List of Exemptions/Deductions available/not available as per New Tax Regime

The person opting for the new scheme shall not be entitled to the following exemptions/ deductions: 1. Leave travel Allowance 2. House rent allowance 3. Some of the allowance as contained in section 10(14) like Helper allowance, transfer allowance, conveyance allowance, research allowance, etc.; 4. Allowances to MPs/MLAs 5. Allowance for the income of minor … Continue reading “List of Exemptions/Deductions available/not available as per New Tax Regime”

Indirect Tax (GST and Custom) – Various due dates extended due to COVID 19

The Government of India through the Finance and Corporate Ministry has announced several measures to provide the relief to the Individuals and the companies. The individuals and the various businesses are required to comply with numerous statutory requirements time to time like filing of GSTR 3B monthly, Annual returns, compliance of laws for composite dealers, … Continue reading “Indirect Tax (GST and Custom) – Various due dates extended due to COVID 19”

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