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TMI BlogInsertion of new sections 115BAC and 115BAD.X X X X Extracts X X X X X X X X Extracts X X X X ..... son, be computed at the rate of tax given in the following Table, if the conditions 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 cent. 6. From ₹ 12,50,001 to ₹ 15,00,000 25 per cent. 7. Above ₹ 15,00,000 30 per cent.: Provided that where the person fails to satisfy the conditions contained in sub-section (2) in any previous year, the option shall become invalid in respect of the ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... depreciation is attributable to any of the deductions referred to in clause (i); (b) under the head "Income from house property" with any other head of income; (iii) by claiming the depreciation, if any, under any provision of section 32, except clause (iia) of sub-section (1) of the said section, determined in such manner as may be prescribed; and (iv) without 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 tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o 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relevant to the assessment year: Provided that the option under clause (i), once exercised for any previous year can be withdrawn only once for a previous year other than the year in which it was exercised and thereafter, the person shall never be eligible to exercise option under this section, except where such person ceases to have any income from business or profession in which case, option under clause (ii) shall be available. Tax on income of certain resident cooperative societies. 115BAD. (1) Notwithstanding anything contained ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iation is attributable to any of the deductions referred to in clause (i); and (iii) by claiming the depreciation, if any, under section 32, other than clause (iia) of sub-section (1) of the said section, determined in such manner as may be prescribed. (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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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