Section 115BAB and Section 115BAA are both tax provisions introduced in the Union Budget 2019 to provide relief to domestic companies. However, they differ in terms of the applicability of tax rates and eligibility criteria. Section 115BAB allows for a lower tax rate of 15% for companies established on or after 1st October 2019 and engaged in manufacturing or production, subject to certain conditions. On the other hand, Section 115BAA allows for a lower tax rate of 22% for domestic companies not availing certain specified deductions or incentives, with effect from Assessment Year 2020-21.