Concessional Income Tax Rates- What if Return is Filed Belatedly The Finance Bill, 2020 has proposed to introduce w.e.f. 01.04.2021 the concessional (optional) rates of income tax for individuals, HUFs and cooperative societies by inserting two new sections 115BAD (for cooperative societies) and 115BAC (for individuals and HUFs). It is an issue that whether these concessional tax rates will be available in cases where the Income Tax return is filed belatedly under Section 139(4) or for the first time u/s. 148, 142(1) etc. In this article, an attempt has been made to discuss the above issue along with an in-depth analysis of various other aspects of these new sections. Budget 2020- No Change In Basic Tax Rates : In budget 2020, there is no change in basic tax rates for the assessment year 2021-22 (the financial year 2020-21). They are the same as they were for the assessment year 2020-21 (the financial year 2019-20). Levy Of Tax At Special Rates Will Not Be Af...
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