TaxTMI 
TaxTMI 
New Rates of Tax on Individual & HUF Under Section 115BAC - AY 2021-22 onwards
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....itions for the Assessment Year 2025-26 remains the same as for the AY 2024-25 as below. ================================ (i) for any previous year relevant to the assessment year beginning on the 1st day of April, 2024, shall be computed at the rate of tax given in the following Table, namely:- Rate of Tax for the Assessment Year 2024-25 TABLE Sl. No. Total income Rate of tax (1) (2) (3) 1. Upto Rs. 3,00,000 Nil 2. From Rs. 3,00,001 to Rs. 6,00,000 5 per cent. 3. From Rs. 6,00,001 to Rs. 9,00,000 10 per cent. 4. From Rs. 9,00,001 to Rs. 12,00,000 15 per cent. 5. From Rs. 12,00,001 to Rs. 15,00,000 20 per cent. 6. Above Rs. 15,00,000 30 per cent.; Special Income under section 111A, 112, 112A shall be taxable @ Special rates. Surcharge - the income-tax computed under section 115BAC(1A) shall be increased by a surcharge, * 10% if total income exceeds Rs. 50 Lakhs but does not exceed Rs.1 Crore. * total income (including the income by way of dividend or income under the provisions of section 111A, section 112 and section 112A of the Income-tax Act) * 15% if income exceeds Rs. 1 Crores but does not exceed Rs.2 Crore. * ....
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....st under section 24(b) for Self-occupied property. * Loss from House Property can be set off against Income from House Property. However, it cannot be set-off against any other head of income. * Set-off of House Property Loss (Let out/Deemed to be let-out) against other head, however house property loss can be carried forward as per law. 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 33ABA [ Site Restoration Fund ] * Sec 35(1)(ii)/(iia)/(iii) or Section 35(2AA) [Certain payments to research association, university, college, national laboratory, etc.] * Sec 35AD [Investment linked deduction] * Sec 35CCC [Expenditure on agricultural extension project] * Any brought forward loss of A.Y. 2020-21 and earlier Assessment Years which is because of 32AD, 33AB, 35(1)(ii)/(iia)/(iii), 35(2AA), 35AD, 35CCC shall not be allowed to be carried forward and set-off. the same will lapse. Also, same with Unabsorbed Depreciation on account of Additional Depreciation. * Current year house....
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....due date of filing of return. However, Once the option is exercised it can't be withdrawn except assessee cease to have PGBP. * In case of assessee opting for file u/s 115BAC(1) as per section 115BAC(5) shall not apply for any previous year relevant to the assessment year beginning on or after the 1st day of April, 2024." [Proviso to 115BAC(5) inserted vide FA, 2023] * w.e.f. 01.04.2024 Section 115BAC(1A) shall automatically apply to every assessee however, in case of assessee having PGBP income opting to file return as per section 115BAC(1A) cannot withdrawn to file under same, if once withdrawn cannot opt to exercise to file u/s 115BAC(1A) again except when he ceases to have business income. The withdrawal of option under the proviso to of section 115BAC(6) shall also be in Form No. 10-IEA. [ proviso of Section 115BAC(6) Read with Rule 21AGA(2) ] * CBDT clarification for TDS Amendment by the Finance Act, 2023 [ vide Circular No. 04 of 2023 Dated 05, April 2023 ] * New tax regime is the default tax regime applicable to all persons mentioned in section 115BAC(1A). * However, under section 115BAC(6) of the Act, a person may exercise an option to op....
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....bate u/s 87A (B-D) (E) 27,000 28,000 30,000 Add:- Health and Education Cess 4% (F) 1,080 1,120 1,200 Total Tax payable (E+F) (G) 28,080 29,120 31,200 ================================ Rate of Tax for the Assessment Year 2021-22 to 2023-24 Section 115BAC(1): Tax on Individual & HUF (Resident/Non-Resident) Added by Finance Act 2020, w.e.f. Assessment Year 2021-22 to 2023-24) For any previous year relevant to the assessment year beginning on or after the 1st day of April, 2021 but before the 1st day of April, 2024, shall, at the option of such person, be computed at the rate of tax given in the following Table- TABLE Sl. No. Total income Rate of tax (1) (2) (3) 1. Up to Rs. 2,50,000 Nil 2. From Rs. 2,50,001 to Rs. 5,00,000 5 per cent. 3. From Rs. 5,00,001 to Rs. 7,50,000 10 per cent. 4. From Rs. 7,50,001 to Rs. 10,00,000 15 per cent. 5. From Rs. 10,00,001 to Rs. 12,50,000 20 per cent. 6. From Rs. 12,50,001 to Rs. 15,00,000 25 per cent. 7. Above Rs. 15,00,000 30 per cent.: Computation of Tax Payable - Special Income under section 111A, 112, 112A shall be taxable @ Special rates. Surcharge * 1....
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....m family pension] * Any brought forward loss of A.Y. 2020-21 and earlier Assessment Years which is because of 32AD, 33AB, 35(1)(ii)/(iia)/(iii), 35(2AA), 35AD, 35CCC shall not be allowed to be carried forward and set-off. the same will lapse. Also, same with Unabsorbed Depreciation on account of Additional Depreciation. * Current year house property loss cannot be set- off against any other head of income. * Sec 10AA [Exemption for SEZ units] Under head IFOS * Allowance for income of minor u/s 10(32) [Exemption for minor's income upto Rs. 1500/-].. * Deduction for Family Pension u/s 57 Deduction under chapter VI-A except following :- * Sec 80CCD(2) [Employer's contribution to Pension Fund] * Sec 80JJAA [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 bela....