for the relevant year. This deduction is available from FY 2020-21 and onwards.

(iid) The Company avails indirect tax benefits under the Tax Laws identified supra. The same have been
outlined as under :-

Most of the goods and services in which the company is dealing in, attract the standard GST rate and
customs duty rate.

Certain imported goods attract concessional customs duty, in accordance with the concessional tax rate
prescribed for goods used for manufacturing ATM, under the Customs read with notifications issued under
Customs Tariff Act, 1975.

. Special tax benefits available to Shareholders
The Shareholders of the Company are not eligible to any special tax benefits under the Tax Laws identified supra.
- Special tax benefits available to Material Subsidiary

The Material Subsidiary avails direct tax benefits under the Income-tax Act, 1961 (‘the Act’). The same have
been outlined as under :-

Concessional Tax Rate under Section 115BAA of the Act

A new section 115BAA has been inserted in the Act by the Taxation Laws (Amendment) Act, 2019 (“the
Amendment Act, 2019”) with effect from 1 April 2020 (AY 2020-21). Section 115BAA grants an option to a
domestic company to be governed by the section from a particular assessment year. If the material subsidiary opts
for section 115BAA of the Act, it can pay corporate tax at a reduced rate of 25.168% (22% plus surcharge of 10%
and education cess of 4%). Section 115BAA of the Act further provides that domestic companies availing the option
will not be required to pay Minimum Alternate Tax (MAT) on their ‘book profits’ under section 115JB of the Act.
However, the material subsidiary will no longer be eligible to avail specified exemptions / incentives / deductions
under the Act and will also need to comply with the other conditions specified in section 115BAA. The material
subsidiary shall also not be allowed set-off of any loss carried forward or depreciation from earlier years if such loss
or depreciation is attributable to such exemptions / incentives / deductions. Further, if the material subsidiary opts for
section 115BAA, the tax credit under section 115JAA (MAT credit), if any, which it is entitled to on account of
MAT paid in earlier years, will no longer be available.

The material subsidiary has opted for the lower corporate tax rate of 25.168% provided under section 115BAA of the
Act with effect from FY 2019-20.

Deduction under section 80JJAA of the Act

Subject to fulfilment of prescribed conditions, the material subsidiary is entitled to claim deduction, under the
provisions of Section 80JJAA of the Act, of an amount equal to thirty per cent of additional employee cost (relating
to specified category of employees) incurred in the course of business in the previous year, for three assessment
years including the assessment year relevant to the previous year in which such employment is provided.

NOTES:

1. The above Statement is as per the current Tax Law prevalent as on the date of issuance of this certificate.

2. The above Statement covers only certain relevant Tax Law benefits and does not cover any benefits under any
other law.

3. The above is as per the current Tax Laws.

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