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IT.act for20-21
I want to know the new I.t act for 20-21,the exemption form long term capital gain,for the amt inveSted in nhai/specified bonds up to rs.5000000/-is in force.The exemption for senior citizen deposits up to 1.5lakh&exemption under80TTB for the interest earned up to 50000/-allowed.
Replies (5)
Quick Summary
Unless you opt for old or present tax slab rates (which you are given the choice); under new regime these deductions are not allowed
If I now opted for old i.t regime for this f.y,can I go for the new regime for the f.y.
Its applicable from AY 2021.22, & yes, an individual without business income, can choose any option in any assessment year (from AY 2021-22 onward)
Effective from FY 2020-2021, for every year (no business income) you get chance to select old or tax regime.
In new tax regime you don't get deductions under chapter VI A 80C 80D 80TTB 80TTA etc
You have to follow old system only for year which will end on 31-3-2020.
In new tax regime you don't get deductions under chapter VI A 80C 80D 80TTB 80TTA etc
You have to follow old system only for year which will end on 31-3-2020.
Yes from AY 2021-22, an individual & HUF not having any Income under the head PGBP can choose any of the 2 regime in every financial year.
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