Section 115BAA was introduced by the Income Tax Department with a view to encourage domestic companies by reducing the income tax rates.
Domestic Companies who are opting for concessional rate of tax @ 22% u/s 115BAA cannot opt for Minimum Alternate Tax Credit (MAT)
Following deductions will not be applied to domestic companies who are opting for concessional rate of tax @ 22% u/s 115BAA
Concessional rate of tax @ 22% is not applicable for the following
Once the concession tax rate of 22% is opted, the companies cannot opt out of sec 115BAA in the subsequent year
Sec 115BAA i.e., 22% tax rate is not applicable for capital gains . Capital Gains are taxable @ rates as per Income tax act depending on type of capital gain
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