9911796707
TMI BlogIncentives to Individual and HUF.X X X X Extracts X X X X X X X X Extracts X X X X ..... Rate Upto 2,50,000 Nil From 2,50,001 to 5,00,000 5 per cent. From 5,00,001 to 7,50,000 10 per cent. From 7,50,001 to 10,00,000 15 per cent. From 10,00,001 to 12,50,000 20 per cent. From 12,50,001 to 15,00,000 25 per cent. Above 15,00,000 30 per cent. (ii) The option shall be exercised for every previous year where the individual or the HUF has no business income, and in other cases the option once exercised for a previous y ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e (iia) of sub-section (1) thereof, determined in such manner as may be prescribed; and (d) without any exemption or deduction for allowances or perquisite, by whatever name called, provided under any other law for the time being in force. (v) the loss and depreciation referred to in (ii)(b) above 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 so however, that where there is a depreciation allowance in respect of a block of asset which has not been given full effect to prior to the assessment year beginning on 1st April, 2021, corresponding adjustment shall be made to the written down value of such block of assets as on 1st April, 20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ra (vi)(a) above shall be available. It is further proposed to amend section 115JC of the Act so as to provide that the provisions relating to AMT shall not apply to such individual or HUF having business income. It is also proposed to amend section 115JD of the Act so as to provide that the provisions relating to carry forward and set off of AMT credit, if any, shall not apply to such individual or HUF having business income. The condition listed at (iva) above, means that the individual or HUF opting for taxation under the newly inserted section 115BAC of the Act shall not be entitled to the following exemptions/ deductions: (i) Leave travel concession as contained in clause (5) of section 10; (ii) House rent allo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n (2) of section 80CCD (employer contribution on account of employee in notified pension scheme) and section 80JJAA (for new employment) can be claimed. As many allowances have been provided through notification of rules, it is proposed to carry out amendment of the Income-tax Rules, 1962 (the Rules) subsequently, so as to allow only following allowances notified under section 10(14) of the Act to the Individual or HUF exercising option under the proposed section: (a) Transport Allowance granted to a divyang employee to meet expenditure for the purpose of commuting between place of residence and place of duty (b) Conveyance Allowance granted to meet the expenditure on conveyance in performance of duties of an office; (c) ..... X X X X Extracts X X X X X X X X Extracts X X X X
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