Lower Corporate Rate @22% for FY 2019-20 u/s.115BAA, Income Tax

[gvenugopal g]

Dear Experts,

The new Section 115BAA has been inserted in the Income tax Act, on 5th September 2019 to give the benefit of a reduced corporate tax rate for all the domestic companies. They have the option to pay tax at a rate of 22% from the FY 2019-20 onwards.

Kindly advice whether any threshold limit in turnover for availing the benefit?

Posts / Replies

[Nandan Khambete]

No threshold limit is turnover is prescribed. 22% Tax will be increased by 10% surcharge and 4% cess.