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TMI BlogTax on Income of newly formed Resident Co-Operative Societies - Section 115BAEX X X X Extracts X X X X X X X X Extracts X X X X ..... or production of an article or thing and in respect of which no specific rate of tax has been provided separately under this Chapter Such income shall be taxed at the rate of 22% and no deduction or allowance in respect of any expenditure or allowance shall be made in computing such income. Income-tax payable in respect of the income, of the assessee deemed so under the second proviso to section 115BAE(4) shall be computed at the rate of 30%. Short term capital gains derived from transfer of a capital asset on which no depreciation is allowable under the Act income-tax payable in respect of such STCG at the rate of 22%. Surcharge rate will be 10% irrespective of total Income . Certain Conditions specified under section 115BAE(2) Clause (a) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ration of electricity, but not include a business of- (i) development of computer software in any form or in any media; (ii) mining; (iii) conversion of marble blocks or similar items into slabs; (iv) bottling of gas into cylinder; (v) printing of books or production of cinematograph film; or (vi) any other business as may be notified by the Central Government in this behalf; Clause (c) Certain Restrictions (i) Assessee should not claim following deductions Section 10AA : Deductions from the Special Economic Zones (SEZ) unit. Section 32(1)(iia) : Additional Depreciation Section 33AB : Deduction given on rubber manufacturing, tea and coffee. Section 33ABA : Deposits made to the site restoration fund by the companies producing or extracting p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e amount of profits as may be reasonably deemed to have been derived therefrom. In case the aforesaid arrangement involves a specified domestic transaction referred to in section 92BA , the amount of profits from such transaction shall be determined having regard to arm's length price as defined in clause (ii) of section 92F . [ First Proviso ] That the amount, being profits in excess of the amount of the profits determined by the Assessing Officer , shall be deemed to be the income of the assessee. [ Second Proviso ] Section 115BAE(5) This section shall apply unless the option is exercised by the person in the prescribed manner on or before the due date specified under section 139(1) for furnishing the first of the returns of income fo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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