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In order to give a boost to the Indian economy and to promote corporatization, the government has introduced an all-new section namely Section 115BAA and Section 115BAB to the Income tax act, whereby the governments have declared the tax benefits to those manufacturers who runs the business by formulating company subject to certain terms and condition. The said sections have received welcoming responses all over the nation. By this step of the government, the environment of running the business in India is expected to be more transparent and legalize. Let us discuss these sections in detail in this article. Section 115BAA: Section 115BAA of the Income-tax act states that, a Domestic company whether Manufacturer or not, needs to pay income tax at the rate of 22% (plus surcharge and cess) from the F.Y 2019-20 if such company adhere to certain terms and condition as prescribed under the act. After adding a surcharge of 10% and a cess of 4%, the effective tax rate would be 25.17%. A co

    INTRODUCTION The idea of Non-Resident Taxable Person (hereinafter known as NRT) comes into play out of the situations in which the corporation or an company mounted and registered out of doors India and desires to interact in a transaction in India in which such transaction is chargeable for GST. To be taken into consideration as NRT, an company should have installation out of doors India and need to now no longer have a workplace in India. On indulging in transactions on which GST is applicable, such agencies need to sign in themselves as a Non-Resident Taxable man or woman below GST. So now, allow us to talk a number of the essential components of GST applicability on Non-Resident taxable persons .   Meaning of NRT “Non-resident taxable man or woman” way any man or woman who every now and then undertakes transactions related to deliver of products or offerings or both, whether or not as most important or agent or in every other capacity, however who has no constant wor