Sec115baa query urgent

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CA Parul Saxena (Querist)
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11 September 2024 What if a company opts for section115baa...then interest on Fixed deposit would be taxed at 22% or 25%...and if company has rental income too then deduction under section24 would be allowed?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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15 October 2024 Interest on fixed deposits would be taxed at 25% under Section 115BAA, as this section specifically provides for taxation of income other than business income at the rates provided in the Act.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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15 October 2024 Yes, if a company has rental income, deduction under Section 24 of the Income Tax Act, 1961 would be allowed.

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