The CBDT has vide Circular No. 29/2019 dated 2nd October 2019 clarified the law in respect of option exercised under section 115BAA of the Income-tax Act, 1961 inserted through The Taxation Laws (Amendment) Ordinance, 2019. The CBDT has stated that representations have been received from the stakeholders seeking clarification on issues relating to exercise of option under section 115BAA (a) Allowability of brought forward loss on account of additional depreciation; and (b) Allowability of brought forward MAT credit. The issues have been examined by the CBDT and clarifications have been given.
CBDT circular Also clarifies that brought forward losses on account of unabsorbed additional depreciation will not be allowed to be set-off in the new lower rate tax regime @CNBCTV18News @CNBCTV18Live #Tax #corporatetaxcut
— Shereen Bhan (@ShereenBhan) October 2, 2019