9911796707
TMI BlogAmendment of section 115BAC.X X X X Extracts X X X X X X X X Extracts X X X X ..... , the incometax payable in respect of the total income of a person, being an individual or Hindu undivided family or association of persons (other than a co-operative society), or body of individuals, whether incorporated or not, or an artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2, other than a person who has exercised an option under sub-section (6), for any previous year relevant to the assessment year beginning on or after the 1st day of April, 2024, 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. F ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... roviso shall be inserted, namely: Provided further that in a case where, (i) the assessee has not exercised the option under sub-section (5) for any previous year relevant to the assessment year beginning on or before the 1st day of April, 2023; (ii) the income-tax on the total income of the assessee is computed under sub-section (1A); and (iii) there is a depreciation allowance in respect of a block of assets which has not been given full effect prior to the assessment year beginning on the 1st day of April, 2024, corresponding adjustment shall be made to the written down value of such block of assets as on the 1st day of April, 2023 in the manner as may be prescribed. ; (c) for sub-section (4), the following sub-section shall be substitut ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... case of a person having income from business or profession, and such option once exercised shall apply to subsequent assessment years; or (ii) along with the return of income to be furnished under sub-section (1) of section 139 for such assessment year, in case of a person not having income referred to in clause (i): Provided that the option under clause (i), once exercised for any previous year can be withdrawn only once for a previous year other than the year in which it was exercised and thereafter, the person shall never be eligible to exercise the option under this subsection, except where such person ceases to have any income from business or profession in which case, option under clause (ii) shall be available. . - Clause 50 of the B ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ake effect from 1st April, 2024 and will, accordingly, apply in relation to the assessment year 2024-2025 and subsequent assessment years. It is also proposed to amend clause (i) of sub-section (2) of the said section to give reference of sub-section (2) of section 80CCH therein to provide the benefit of concessional tax regime to an individual enrolled in the Agnipath Scheme and subscribing to the Agniveer Corpus Fund on or after 1st November, 2022. This amendment will take effect from 1st April, 2023 and will, accordingly, apply in relation to the assessment year 2023-2024 and subsequent assessment years. It is also proposed to amend sub-section (2) of the said section, inter alia, to provide that for the purposes of sub-section (1A), the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... block of assets as on 1st April, 2023 in the manner as may be prescribed. It is also proposed to substitute sub-section (4) of the said section so as to provide that in case of a person, having a Unit in the International Financial Services Centre, as referred to in sub-section (1A) of section 80LA, (i) who has exercised option under sub-section (5) for any previous year relevant to the assessment year beginning on or after 1st April, 2021 but before 1st April, 2024; (ii) whose total income is computed under sub-section (1A), the conditions contained in sub-section (2) shall be modified to the extent that the deduction under section 80LA shall be available to such Unit subject to fulfilment of the conditions contained in the said section. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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