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New Rates of Tax on Individual & HUF Under Section 115BAC. - Rate of Income Tax under New Regime - Income Tax

Extract

..... income exceeds ₹ 50 Lakhs but does not exceed 15% if income exceeds ₹ 1 Crores. 25% if income exceeds ₹ 2 Crores. 37% if income exceeds ₹ 5 Crores. Note : Surcharge on short term capital gain u/s 111A & Long term capital gain u/s 112A and u/s 112 for above ₹ 50 Lakhs but does not exceed 1 Crores - 10% of such STCG/LTCG. & Surcharge on short term capital gain u/s 111A & Long term capital gain u/s 112A and u/s 112 for above ₹ 1 Crores - 15% of such .....

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New Rates of Tax on Individual & HUF Under Section 115BAC. - Rate of Income Tax under New Regime - Income Tax

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..... Allowance c) Any allowance to meet the cost of travel or on transfer d) Allowance to meet the ordinarily daily charges incurred by employee Sec 10(17) [Allowances to MPs or MLAs] Sec 16 [Standard deduction , entertainment allowance & professional tax] Under the Head Profits and Gains from Business and Profession Sec 32(1)(iia) [Additional depreciation] Sec 32AD [Investment in new plant or machinery in notified backward areas] Sec 33AB [Tea, Coffee, Rubber development account] Sec 35(1)(ii)/( .....

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New Rates of Tax on Individual & HUF Under Section 115BAC. - Rate of Income Tax under New Regime - Income Tax

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..... Deduction for additional employee cost] Sec 80LA [in case of unit located IFSC which fulfils the conditions specified therein]. The option has to be exercise in FORM 10-IE along with ROI to be furnished u/s 139(1). In case of Individual/HUF not having income from business/profession: The assessee can opt for the section every year on or before the due date of filing of return. The important thing to bear in mind here is that if the return is a belated one, then the assessee cannot opt for this s .....

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New Rates of Tax on Individual & HUF Under Section 115BAC. - Rate of Income Tax under New Regime - Income Tax

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