TMI BlogTax on income of individuals , Hindu undivided family and othersX X X X Extracts X X X X X X X X Extracts X X X X ..... s contained in sub-section (2) are satisfied, namely:- TABLE Sl. No. Total income Rate of tax (1) (2) (3) 1. Up to ₹ 2,50,000 Nil 2. From ₹ 2,50,001 to ₹ 5,00,000 5 per cent. 3. From ₹ 5,00,001 to ₹ 7,50,000 10 per cent. 4. From ₹ 7,50,001 to ₹ 10,00,000 15 per cent. 5. From ₹ 10,00,001 to ₹ 12,50,000 20 per c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... shall be computed at the rate of tax given in the following Table, namely: TABLE Sl. No. Total income Rate of tax (1) (2) (3) 1. Upto Rs.3,00,000 Nil 2. From Rs.3,00,001 to Rs.6,00,000 5 per cent. 3. From Rs.6,00,001 to Rs.9,00,000 10 per cent. 4. From Rs.9,00,001 to Rs.12,00,000 15 per cent. 5. From Rs.12,00,001 to Rs.15,00,000 20 per cent. 6. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t any exemption or deduction for allowances or perquisite, by whatever name called, provided under any other law for the time being in force. (3) The loss and depreciation referred to in clause (ii) of sub-section (2) shall be deemed to have been given full effect to and no further deduction for such loss or depreciation shall be allowed for any subsequent year: Provided that where there is a depreciation allowance in respect of a block of assets which has not been given full effect to prior to the assessment year beginning on the 1st day of April, 2021, corresponding adjustment shall be made to the written down value of such block of assets as on the 1st day of April, 2020 in the prescribed manner, if the option under sub-section ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g assigned to it in clause (zc) of section 2 of the Special Economic Zones Act, 2005 (28 of 2005.). ] (5) Nothing contained in this section shall apply unless option is exercised in the prescribed manner by the person,- (i) having income from business or profession, on or before the due date specified under sub-section (1) of section 139 for furnishing the returns of income for any previous year relevant to the assessment year commencing on or after the 1st day of April, 2021, and such option once exercised shall apply to subsequent assessment years; (ii) having income other than the income referred to in clause (i), alongwith the return of income to be furnished under sub-section (1) of section 139 for a previous year relevant to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... son shall never be eligible to exercise the option under this sub-section, except where such person ceases to have any income from business or profession in which case, option under clause (ii) shall be available. ] ************** NOTES:- 1. Inserted vide Finance Act, 2020 dated 27-03-2020 w.e.f. 01-04-2021 2. Substituted vide THE FINANCE ACT, 2023 dated 31-03-2023 w.e.f. 01-04-2024 before it was read as, and Hindu undivided family 3. Substituted vide THE FINANCE ACT, 2023 dated 31-03-2023 w.e.f. 01-04-2024 before it was read as, 1st day of April, 2021 4. Inserted vide THE FINANCE ACT, 2023 dated 31-03-2023 w.e.f. 01-04-2024 5. Inserted vide THE FINANCE ACT, 2023 dated 31-03-2023 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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