F. No. 370142/13/2020-TPL
Government of India
Ministry of Finance
Department of Rcvenue
Central Board of Direct Taxes
New Delhi, April 13,2020
Clarification in respect of option under section IISBAC of the Income-tax Act, 1961
Section IISBAC of the Income-tax Act, 1961 (the Act), inserted by the Finance Act, 2020 wef the assessment year 202 1-22, infer alia, providcs that a person, being an individual or a Hindu undivided family having income other than income from business or profession", may exercise option in respect of a previous year to be taxed under the said section IISBAC alongwith his return of income to be furnished under sub-section (I) of section 139 of the Act for each year. The concessional rate providcd under section IISBAC of the Aet is subject to the condition that the total income shall be computed without specified exemption or deduction, setoff of loss and additional depreciation.
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Circular No : C1/2020Published in Income Tax
Source : https://www.incometaxindia.gov.in/communications/circular/circular_c1_2020.pdf