New tax regime for specified persons sets slab rates, restricts deductions, and prescribes a one-time option mechanism. A new tax regime applies to specified persons, including individuals, Hindu undivided families, associations of persons, bodies of individuals and certain artificial juridical persons, with tax computed on slab rates unless the prescribed option is exercised. The regime disallows specified exemptions, deductions and set-off benefits, and treats related loss and depreciation as fully absorbed. The option must be exercised within the prescribed time depending on whether the person has business or professional income, and special modification applies for a unit in the International Financial Services Centre.
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Provisions expressly mentioned in the judgment/order text.
New tax regime for specified persons sets slab rates, restricts deductions, and prescribes a one-time option mechanism.
A new tax regime applies to specified persons, including individuals, Hindu undivided families, associations of persons, bodies of individuals and certain artificial juridical persons, with tax computed on slab rates unless the prescribed option is exercised. The regime disallows specified exemptions, deductions and set-off benefits, and treats related loss and depreciation as fully absorbed. The option must be exercised within the prescribed time depending on whether the person has business or professional income, and special modification applies for a unit in the International Financial Services Centre.
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