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The Tax PublishersNew Taxation Regime For Individual/HUF [Section 115BAC]
1. Nature of section 115BAC--Section 115BAC overrides other provisions of the Act (but subject to provisions of sections 110 to 115BBG). The individual and HUF has option to choose new provisions of section 115BAC. They can also opt for taxation under normal provisions of the Act.
However, income specified under sections 110 to 115BBG are outside the scope of this special tax rate and those incomes will be taxed at rates prescribed in those sections.
2. Rate of tax on incomes specified under sections 110 to 115BBG--Incomes specified under section 110 to 115BBG will be taxed at rates specified in these sections.
3. To whom provisions of section 115BAC apply--Provisions of section 115BAC apply to any assessee being an individual and HUF.
4. Residential status irrelevant--New rates will apply to all individuals and HUFs be it resident or non-resident.
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