RECAP on Section 115BAC of IT Act, 1961 for AY 2021-22

NEW TAX REGIME

Applicable for Individuals & HUF (Optional Scheme)

To opt for this Scheme: File Form 10-IE before the due date of ITR.

Slab Rates: upto 2.5L – NIL, from 2.5L onwards, 5%/ 10%/ 15%/ 20%/ 25%/ 30%

Disallowances under the new regime:-

1. Chapter VI-A deductions except – 80CCD(2), 80JJAA, 80LA
2. Standard Deduction – Rs. 50000 (S-16)
3. HRA (S-13A)
4. LTA (S-10(15))
5. Minor Child Income Allowance (S-10(32))
6. Children Education Allowance
7. Special Allowance (S-10(14)) with few exceptions
8. S-57(iia) – Family Pension deduction
9. Additional Dep. u/s 32(1)(iia)
10. Specific business deduction – S-33AB/ 33ABA
11. Exp. On scientific research u/s 35
12. Capital Exp. u/s-35AD
13. Deduction u/s 35CCC
14. Exemption u/s 10AA for SEZ units
15. Interest on housing Loan u/s 24 for self-occupied property