Applicability & Implications of Section 115BAA of Income Tax – Reduced Rate of Tax for Companies

• January 29, 2021
• CA Chandan Agarwal's Office

Note on Applicability and Implications of Section 115BAA of the Income Tax Act, 1961

Section 115BAA was introduced by the Government of India through the Taxation (Amendment) Ordinance 2019 on the 20th of September 2019 with the objective of proffering reduced rates of taxes to domestic companies. The provisions of Section 115BAA, its applicability and manner of applying, the prerequisites for availing the reduced rate of tax and its implications on facets such as Minimum Alternate Tax provisions, taxability of Capital Gains, set off of brought forward losses, depreciation, etcetera, have been discussed below.

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