Please anyone give the list of exemptions available under default tax regime i.e u/s 115BAC

Piyush · 15 Feb 2024

For pg 15

Piyush · 15 Feb 2024

Nidhi · 14 Feb 2024

Name of allowances and perquisite not available under 115BAC?

Kishan · 14 Feb 2024

**Exemptions under Section 115BAC** * **Sec 115BAC Tax Incentive for Individual & HUF:** * Individuals/HUF/AOPs/BOIs/AJPs have the option to opt for taxation under Section 115BAC of the Income Tax Act. * This section provides concessional tax rates but restricts certain deductions and exemptions. **Deductions and Exemptions Not Allowed under Section 115BAC:** **Deductions:** * Any deduction under Chapter VIA, except for the following: * Employer's contribution towards NPS under section 80CCD(2) * Central Government contribution towards Agnipath Scheme under section 80CCH(2) * Deduction in respect of employment of new employees under section 80JJAA. **Exemptions:** * Exemptions provided under Section 10 and the 54 series. * Exemption for SEZ unit contained in Section 10AA. **Additional Points:** * If an individual/HUF/AOP/BOI/AJP exercises the option to pay tax under Section 115BAC, they cannot claim the following: * Basic exemption or allowance * Any expenditure allowance or perquisite provided under any other law in India * The provisions of Section 115JC, which deals with alternate minimum tax (AMT), do not apply to taxpayers opting for Section 115BAC. * Individuals/HUFs/AOPs/BOIs and artificial juridical persons may compute their total income and tax liability under both the concessional tax regime of Section 115BAC and the regular provisions of the Income Tax Act (including AMT, if applicable). They can then choose the option that is more beneficial to them.