Scribd Logo
Upload

Welcome to Scribd!

  • 8 views

    BB Sir - Compact Nov 24 (CAF) - 20

    Uploaded by

    bgmitest487

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    BB Sir - Compact Nov 24 (CAF) - 20

    Uploaded by

    bgmitest487
    8 views1 page

    Original Title

    BB Sir - Compact Nov 24 (CAF)-20

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    8 views1 page

    BB Sir - Compact Nov 24 (CAF) - 20

    Uploaded by

    bgmitest487

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 1

    If assessee having PGBP & opting 115BAC for first time in AY 24-25 and if any

    additional depreciation is included in B/F unabsorbed depreciation then such


    additional depreciation not allowed to be set-off but it will be added to opening
    WDV of block as on 01/04/2023.

    Example: Mr. BB (age 34 years) is a Resident Individual. His total income for AY 24-25 is =
    700,000 or % 7,27,000 or = 7,30,000 or % 7,50,000. Assessee not opted regular tax regime.
    Calculate tax liability.
    Total Income 7,00,000 7,27,000 | 7,30,000 7,50,000
    Tax as per 115BAC 25,000 27,700 28,000 30,000
    Less: Rebate u/s 87A
    a.) 100% of tax payable, or
    b.) = 25,000 25,000 Nil Nil Nil
    Nil 27,700 28,000 30,000
    Restricted to
    Tax on 7 lakhs + (NTI - 7 lakhs) Nil 27,000 30,000 50,000
    Nil 27,000 28,000 30,000
    Add: Health & Edu. Cess @ 4% Nil 1,080 1,120 1,200
    Net Tax Liability Nil 28,080 29,120 31,200
    Marginal Relief 7,00 - . |
    |
    Sec. 115BAD: Tax on Income of certain Resident Co-operative societies [W.e.f. AY 21-22]
    Assessee | Resident Co-operative Society :
    4
    Tax rate | Income u/s 115BAD shall be taxable @22%
    1
    Surcharge | >

    & cess >


    Surcharge will be ©10% irrespective of total income.

    Health & Education cess will be @ 4% always.


    :
    Effective | > Income u/s 115BAD: 22%+10%+4% = 25.168%
    tax rate >» Income cover u/c XII (i.e. special income u/s 111A,112,112A etc): Special rate
    +10% +4%
    AMT > Assessee opting for 115BAD is not required to pay AMT.
    > B/F AMT credit cannot be set off against income u/s 115BAD. Therefore, if
    assessee has b/f AMT credit, it should first exhaust the AMT credit and
    ee

    thereafter opt for sec 115BAD in a subsequent PY.


    Conditions | ._1. Assessee should not claim following deductions:
    - Sec. 10AA, 32(1)(iia), 33AB, 33ABA, 35(1)(ii),(iia),(iii), 35(2AA),
    35CCC, Any deduction u/c VI-A (except: 80JJAA, 80LA)

    CA Bhanwar Borana Compact

    You might also like

    pFad - Phonifier reborn

    Pfad - The Proxy pFad of © 2024 Garber Painting. All rights reserved.

    Note: This service is not intended for secure transactions such as banking, social media, email, or purchasing. Use at your own risk. We assume no liability whatsoever for broken pages.


    Alternative Proxies:

    Alternative Proxy

    pFad Proxy

    pFad v3 Proxy

    pFad v4 Proxy