The Taxation Laws (Amendment) Act 2019. Tax on income of certain domestic companies. The Taxation Laws ( Amendment ) Ordinance, 2019 repealed
MINISTRY OF LAW AND JUSTICE
New Delhi, the 12th December, 2019/Agrahayana 21, 1941 (Saka)
The following Act of Parliament received the assent of the President on the
11th December, 2019, and is hereby published for general information:—
THE TAXATION LAWS (AMENDMENT) ACT, 2019
NO. 46 OF 2019 [11th December, 2019.]
An Act further to amend the Income-tax Act, 1961 and to amend the Finance
(No. 2) Act, 2019.
BE it enacted by Parliament in the Seventieth Year of the Republic of India as follows:—
Short title and
1. (1) This Act may be called the Taxation Laws (Amendment) Act, 2019.
(2) Save as otherwise provided, it shall be deemed to have come into force on the 20th day of September, 2019.
AMENDMENTS IN THE INCOME-TAX ACT, 1961
of section 92BA
2. In section 92BA of the Income-tax Act, 1961 (hereafter in this Chapter referred to as the Income-tax Act), after clause (v), the following clause shall be inserted, with effect from the 1st day of April, 2020, namely:—
“(va) any business transacted between the persons referred to in sub-section (6) of section 115BAB;”.
of section 115BA.
3. In section 115BA of the Income-tax Act, with effect from the 1st day of April, 2020,—
(a) for the marginal heading “Tax on income of certain domestic companies”, the marginal heading “Tax on income of certain manufacturing domestic companies” shall be substituted;
(b) in sub-section (1), for the words “subject to the other provisions of this
Chapter”, the words, figures and letters “subject to the other provisions of this Chapter, other than those mentioned under section 115BAA and section 115BAB” shall be substituted;
(c) in sub-section (4), after the proviso, the following proviso shall be inserted, namely:—
“Provided further that where the person exercises option under section 115BAA, the option under this section may be withdrawn.”.
Download Full text of the Taxation laws Amendment Act 2019 Click Here >>
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