In case of an assessee who has income from business/profession if opts for new tax regime

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This discussion clarifies the implications of opting for the new tax regime when you have income from business or profession. It addresses whether business losses and unabsorbed depreciation can be carried forward, and confirms that deductions for capital gains (like Section 54) are generally allowed. However, it notes that most Section 80 deductions are not permitted under the new regime.

Manoj Thakur

Manoj Thakur (Querist)
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01 July 2024 In case of an assessee who has income from business/profession if opts for new tax regime whether he/she will be allowed following deductions:
Whether business losses and Unabsorbed Depreciation can be carried forward?
Whether deductions under 54 etc. will be allowed in case income from capital gains?