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Incentives to Individual and HUF.

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..... er cent. From 10,00,001 to 12,50,000 20 per cent. From 12,50,001 to 15,00,000 25 per cent. Above 15,00,000 30 per cent. (ii) The option shall be exercised for every previous year where the individual or the HUF has no business income, and in other cases the option once exercised for a previous year shall be valid for that previous year and all subsequent years. (iii) The option shall become invalid for a previous year or previous years, as the case may be, if the Individual or HUF fails to satisfy the conditions and other provisions of the Act shall apply; (iv) the condition for concessional rate shall be that the total income of the individual or HUF is computed,- (a) without any exemption or deduction under the provisions of clause (5) or .....

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..... on allowance in respect of a block of asset which has not been given full effect to prior to the assessment year beginning on 1st April, 2021, corresponding adjustment shall be made to the written down value of such block of assets as on 1st April, 2020 in the prescribed manner, if the option is exercised for a previous year relevant to the assessment year beginning on 1st April, 2021; (vi) the concessional rate shall not apply unless option is exercised by the individual or HUF in the form and manner as may be prescribed,- a. where such individual or HUF has no business income, along with the return of income to be furnished under sub-section (1) of section 139 of the Act; and b. in any other case, on or before the due date specified under .....

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..... er the newly inserted section 115BAC of the Act shall not be entitled to the following exemptions/ deductions: (i) Leave travel concession as contained in clause (5) of section 10; (ii) House rent allowance as contained in clause (13A) of section 10; (iii) Some of the allowance as contained in clause (14) of section 10; (iv) Allowances to MPs/MLAs as contained in clause (17) of section 10; (v) Allowance for income of minor as contained in clause (32) of section 10; (vi) Exemption for SEZ unit contained in section 10AA; (vii) Standard deduction, deduction for entertainment allowance and employment/professional tax as contained in section 16; (viii) Interest under section 24 in respect of self-occupied or vacant property referred to in sub-se .....

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..... ) Conveyance Allowance granted to meet the expenditure on conveyance in performance of duties of an office; (c) Any Allowance granted to meet the cost of travel on tour or on transfer; (d) Daily Allowance to meet the ordinary daily charges incurred by an employee on account of absence from his normal place of duty. It is also proposed to amend rule 3 of the Rules subsequently, so as to remove exemption in respect of free food and beverage through vouchers provided to the employee, being the person exercising option under the proposed section, by the employer. This amendment will take effect from 1st April, 2021 and will, accordingly, apply in relation to the assessment year 2021-22 and subsequent assessment years. [Clauses 53, 57 & 58] .....

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