Quick Summary
| W.E.F. A.Y.2024-25 | ||||||
| Section-115BAC (Summarised Provisions): | ||||||
| Provisions / Particulars | Description | |||||
| Applicability | Individual, HUF, AOP (Other Than Co-operative Society), BOI, Artificial Juridical Person | |||||
| Section-115BAC(1A) | The aforementioned Persons Needs to Pay Tax at the Rates Specified u/s-115BAC(1A) | |||||
| Total Income | Rate of Tax (%) | Slab Tax | Cumulative Tax | |||
| From | To | |||||
| - | 3,00,000 | 0 | - | - | ||
| 3,00,001 | 6,00,000 | 5 | 15,000.00 | 15,000.00 | ||
| 6,00,001 | 9,00,000 | 10 | 30,000.00 | 45,000.00 | ||
| 9,00,001 | 12,00,000 | 15 | 45,000.00 | 90,000.00 | ||
| 12,00,001 | 15,00,000 | 20 | 60,000.00 | 1,50,000.00 | ||
| 15,00,001 | Above | 30 | ||||
| Availability of Deductions / Exemptions - Comparatives | ||||||
| Particulars | Section | Normal Provisions | 115BAC | |||
| Chapter VI-A Deductions {Other Than 80CCD(2), 80CCH(2) 80JJAA} | Chapter VI-A | Allowed | Not Allowed | |||
| Contribution by C.G., S.G. or Any Other Employer in Pension Scheme | 80CCD(2) | Allowed | Allowed | |||
| Contribution by C.G. in Account of Assessee in Agniveer Corpus Fund | 80CCH(2) | Allowed | Allowed | |||
| Deduction in Respect of Employment Generation | 80JJAA | Allowed | Allowed | |||
| Allowance to Member of Parliament / Legislature etc | 10(17) | Allowed | Not Allowed | |||
| Interest on Housing Loan {Self Occupied Property u/s-23(2)} | 24(b) | Allowed | Not Allowed | |||
| Interest on Housing Loan (Let Out Property) | 24(b) | Allowed | Allowed | |||
| Leave Travel Concession | 10(5) | Allowed | Not Allowed | |||
| Allowances / Reimbursement of Expenses | 10(14) | Allowed | Not Allowed | |||
| Against Minor Income Clubbing | 10(32) | Allowed | Not Allowed | |||
| House Rent Allowance | 10(13A) | Allowed | Not Allowed | |||
| Allowance to Member of Parliament / Legislature etc | 10(17) | Allowed | Not Allowed | |||
| Industry / Product Specific etc Deduction u/s-32AD, 33AB, 33ABA, 33 35AD & 35CCC | 32AD, 33AB, 33ABA, 33, 35AD & 35CCC | Allowed | Not Allowed | |||
| Additional Depreciation | 32(1)(iia) | Allowed | Not Allowed | |||
| Carried Forward Loss / Depreciation atrributable to above | 115BAC(2)(ii) | Allowed | Not Allowed | |||
| Exemptions / Deductions Allowed under Other Law | 115BAC(2)(iv) | Allowed | Not Allowed | |||
| Exception | Persons Who Had Excercised Option u/s-115BAC(6) | |||||
| Option to Pay Tax at Normal Provision by Exercising Option u/s-115BAC(6) | Criteria | Due Date of Exercise | Form | |||
| i) Persons Having Income from Business or Profession | On or Before Due Date of ITR Filing u/s-139(1) | Awaited | ||||
| Option Once Excercised Shall Apply for Subsequent Years | ||||||
| ii) Persons Not Having Income from Business or Profession | Along With ITR | N.A. | ||||
| Withdrawal of Option u/s-115BAC(6) | Allowed Only Once Other Than Previous Year in which it was Excercised | |||||
| Repercussion of Withdrawal | Person Shall Never Be Eligible to Exercise such Option | |||||
| Exception: | ||||||
| Persons Ceases to have Any Income from Business or Profession | ||||||
| Option u/s-115BAC(ii) shall be Available in such cases | ||||||
Attachment
1) Excel File Containing
Illustrations of Taxability of Income u/s-115BAC in Comparison with Taxability under Normal Provisions of the Income Tax Act, 1961 under Different Scenario's with Different Parameters which might help the Assessee's in Selecting Option.
Disclaimer: The aforesaid article presents the view of an independent writer who is an expert of Income Tax / GST Related Matters. The article is informative in nature and writer of the article shall not be responsible for any direct / indirect loss or liability incurred by the user/reader for taking any decisions based on the contents and information given in article. Please consult your tax consultant/tax advisor before making any decision.
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