Section 115BAA Tax on income of certain domestic companies.

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The Tax Publishers [1][115BAA. Tax on income of certain domestic companies. (1) Notwithstanding anything contained in this Act but subject to the provisions of this Chapter, other than those mentioned under Section 115BA and Section 115BAB, the income-tax payable in respect of the total income of a person, being a domestic company, for any previous year relevant to the assessment year beginning on or after the 1st day of April, 2020, shall, at the option of such person, be computed at the rate of twenty-two per cent., if the conditions contained in sub-section (2) are satisfied: Provided that where the person fails to satisfy the conditions contained in sub-section (2) in any previous year, the option shall become invalid in respect of the assessment year relevant to that previous year and subsequent assessment years and other provisions of the Act shall apply, as if the option had not been exercised for the assessment year relevant to that previous year and subsequent assessment years. (2) For the purposes of sub-section (1), the total income of the company shall be computed, (i) without any deduction under the provisions of Section 10AA or clause (iia) of sub-section (1) of Section 32 or Section 32AD or Section 33AB or Section 33ABA or sub-clause (ii) or sub-clause (iia) or sub-clause (iii) of sub-section (1) or sub-section (2AA) or sub-section (2AB) of Section 35 or Section 35AD or Section 35CCC or Section 35CCD or under any provisions of [2][Chapter VI-A other than the provisions of Section 80JJAA or Section 80M]; SUBSCRIBE FOR FULL CONTENT

The Tax Publishers

[1][115BAA. Tax on income of certain domestic companies.

(1) Notwithstanding anything contained in this Act but subject to the provisions of this Chapter, other than those mentioned under Section 115BA and Section 115BAB, the income-tax payable in respect of the total income of a person, being a domestic company, for any previous year relevant to the assessment year beginning on or after the 1st day of April, 2020, shall, at the option of such person, be computed at the rate of twenty-two per cent., if the conditions contained in sub-section (2) are satisfied:

Provided that where the person fails to satisfy the conditions contained in sub-section (2) in any previous year, the option shall become invalid in respect of the assessment year relevant to that previous year and subsequent assessment years and other provisions of the Act shall apply, as if the option had not been exercised for the assessment year relevant to that previous year and subsequent assessment years.

(2) For the purposes of sub-section (1), the total income of the company shall be computed,

(i) without any deduction under the provisions of Section 10AA or clause (iia) of sub-section (1) of Section 32 or Section 32AD or Section 33AB or Section 33ABA or sub-clause (ii) or sub-clause (iia) or sub-clause (iii) of sub-section (1) or sub-section (2AA) or sub-section (2AB) of Section 35 or Section 35AD or Section 35CCC or Section 35CCD or under any provisions of [2][Chapter VI-A other than the provisions of Section 80JJAA or Section 80M];