Category: Income Tax & Tax Return

The following deductions for business expenditure not allowed or removed under the new regime u/s 115BAC. Additional depreciation under section 32. Investment allowance under section 32AD Sector-specific business deductions under section 33AB and 33ABA Expenditure on scientific research under section 35 Capital expenditure under section...

The Budget 2020 introduces a new regime under section 115BAC giving an option to individuals and HUF taxpayers to pay income tax at lower rates. The new system is applicable for income earned from 1 April 2020 (FY 2020-21), which relates to AY 2021-22. Individuals and HUF...

Section 115BAC: Features of the new tax regime and its benefits Individuals and HUF taxpayers are eligible to choose a new tax regime from FY 2020-21. From FY 2020-21, you can choose to pay income tax under an optional new tax regime. The new tax...