New Income Tax Regime for Individual and HUF- Budget 2020

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New Income Tax Regime for Individual and HUF- Budget 2020


 The domestic company and co-operative societies, similar options proposed to individual or HUF upon satisfaction of certain conditions by the creation of the new section.

> The option shall be optional for every year for the Individual and HUF not having business income and in other cases, the option once exercised shall be applicable forever.
> The option shall become invalid for the previous year if the Individual or HUF fails to satisfy the conditions and other provisions of the Act shall apply.

Section                                                                                  Deduction
Section 10(5)                                                                        Leave travel concession
Section 10(13A)                                                                    House rent allowance
Section 10(14)                                                           Some other allowances except specified below
Section 10(32)                                                                      Allowance for an income of minor
Section 10AA                               Deduction for units established in Special Economic Zones (SEZ)
Section 24                                                                           Interest on House Loan
32(1)(iia)                                                                           Additional Depreciation
Section 35CCC                            Deduction for expenditure on an agriculture extension project
Section 57(iia)                                                                Deduction from family pension 

> The total income shall be calculated without set off any loss
    • c/f depreciation u/s 32
    • Loss under head house property
  •  The total income shall be calculated without any exemption or deduction for allowances or perquisite, by whatever name called, provided under any other law for the time being in force;
* However, following allowances notified under section 10(14) of the Act to the Individual or HUF exercising option under the proposed section shall be allowed:
1. Transport Allowance granted to a divyang employee to meet the expenditure for the purpose of commuting between place of residence and place of duty
2. Conveyance Allowance granted to meet the expenditure on conveyance in performance of duties of an office;
3. Any Allowance granted to meet the cost of travel on tour or on transfer;

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