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TMI BlogTax on Domestic Companies under Section 115BABX X X X Extracts X X X X X X X X Extracts X X X X ..... e old plant & machinery except if value of such old P&M is 20% of total value of P&M used by the company. * Does not use a building previously used as a hotel or a convention centre. ('Hotel' means a hotel of two-star, three-star or four-star category as classified by the Central Government. * 'Convention centre' means a building of a prescribed area comprising of convention halls to be used for the purpose of holding conferences and seminars, being of such size and number and having such other facilities and amenities, as may be prescribed). * 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 distributio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed depreciation which is attributable to deduction referred above. Such loss or unabsorbed depreciation shall be deemed to have been already given full effect to and no further deduction for such loss shall be allowed for any subsequent year. Other Conditions * If the above conditions are not satisfied in any PY, the exercise of the option will be invalid for that PY and subsequent PYs and normal provisions of the Act shall apply. * Option has to be exercise upto the due date of ROI u/s 139 * Once the option is exercised it can't be withdrawn for the same or any other PY. * As per the rules of CBDT, this option will be present in Form 10-ID. One needs to submit the form online under EVC or a digital signature. Rate of tax * Inco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... forward MAT Credit. Important Notifications & circulars * The Central Board of Direct Taxes received condonation the delay in filing of Form No. 10-IC or Form No. 10-ID as per Rule 21AE or Rule 21AF respectively of the Income-tax Rules, 1962 for Assessment Years 2020-21, 2021-22 and 2022-23. [ Circular no. 17/2024 dated 18.11.2024 ] * No application for condonation of delay in filing of Form No. 10-IC or Form No. 10-ID shall be entertained beyond three years from the end of the assessment year for which such application is made. The time limit for filing of such application within three years from the end of the assessment year will be applicable for application filed on or after the date of issue of this Circular. A condonation appl ..... X X X X Extracts X X X X X X X X Extracts X X X X
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