TMI BlogInsertion of new sections 115BAC and 115BAD.X X X X Extracts X X X X X X X X Extracts X X X X ..... t the option of such person, be computed at the rate of tax given in the following Table, if the conditions contained in sub-section (2) are satisfied, namely:- TABLE Sl. No. Total income Rate of tax (1) (2) (3) 1. Up to ₹ 2,50,000 Nil 2. From ₹ 2,50,001 to ₹ 5,00,000 5 per cent. 3. From ₹ 5,00,001 to ₹ 7,50,000 10 per cent. 4. From ₹ 7,50,001 to ₹ 10,00,000 15 per cent. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... b-section (1) of section 32 or section 32AD or section 33AB or section 33ABA or sub-clause (ii) or sub-clause (iia) or sub-clause (iii) of sub-section (1) or sub-section (2AA) of section 35 or section 35AD or section 35CCC or clause (iia) of section 57 or under any of the provisions of Chapter VI-A other than the provisions of sub-section (2) of section 80CCD or section 80JJAA; (ii) without set off of any loss,- (a) carried forward or depreciation from any earlier assessment year, if such loss or depreciation is attributable to any of the deductions referred to in clause (i); (b) under the head Income from house property with any other head of income; (iii) by claiming the depreciation, if any, under any provision of section 3 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to it in clause (zc) of section 2 of the Special Economic Zones Act, 2005. (28 of 2005.) (5) Nothing contained in this section shall apply unless option is exercised in the prescribed manner by the person,- (i) having income from business or profession, on or before the due date specified under sub-section (1) of section 139 for furnishing the returns of income for any previous year relevant to the assessment year commencing on or after the 1st day of April, 2021, and such option once exercised shall apply to subsequent assessment years; (ii) having income other than the income referred to in clause (i), alongwith the return of income to be furnished under sub-section (1) of section 139 for a previous year relevant to the assessme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted,- (i) without any deduction under the provisions of section 10AA or clause (iia) of sub-section (1) of section 32 or section 32AD or section 33AB or section 33ABA or sub-clause (ii) or sub-clause (iia) or sub-clause (iii) of sub-section (1) or sub-section (2AA) of section 35 or section 35AD or section 35CCC or under any of the provisions of Chapter VI-A other than the provisions of section 80JJAA; (ii) without set off of any loss carried forward or depreciation from any earlier assessment year, if such loss or depreciation is attributable to any of the deductions referred to in clause (i); and (iii) by claiming the depreciation, if any, under section 32, other than clause (iia) of sub-section (1) of the said section, determined ..... X X X X Extracts X X X X X X X X Extracts X X X X
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