Tax on income of certain manufacturing domestic companies.

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..... al income of a person, being a domestic company, for any tax year, shall, at the option of such person, be computed at the rate of 25% subject to the following conditions:-- (a) the company has been set-up and registered on or after the 1st March, 2016; (b) the company is not engaged in any business other than the business of manufacture or production of any article or thing and research in re .....

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..... prescribed on or before the due date specified under section 263(1) for furnishing the first of the returns of income which such person is required to furnish and such option once exercised, shall apply to subsequent tax years. (4) Once the option under sub-section (3) has been exercised for any tax year, it cannot be subsequently withdrawn for the same or any other tax year, except where the pe .....

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