SECTION 115BA
After section 115B (Tax on Profits and gains of Life Insurance business) of the Income-tax Act, with effect from the 1st day of April 2017, the following Section shall be inserted, namely:— SEC 115BA Notwithstanding anything contained in this Act but subject to the provisions of section 111A (Tax on Short-Term Capital Gain) and section 112 (Tax on Long-Term Capital Gain), the income-tax payable in respect of the total income of a person, being a Domestic company , for any previous year relevant to the assessment year beginning on or after the 1st day of April 2017 , shall, at the option of such person, be computed at the rate of 25% ., if the conditions contained in sub-section (2) are satisfied. (2) For the purposes of sub-section (1), the following conditions shall apply, namely:— (a) The company has been set-up and registered on or after the 1st day of March 2016; (b) The company is engaged in the busin...