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Questions and Answers
What is the tax rate for income between 9,00,001 to 12,00,000 under the concessional tax regime specified in section 115BAC(2)?
What is the tax rate for income between 9,00,001 to 12,00,000 under the concessional tax regime specified in section 115BAC(2)?
- 10%
- 30%
- 15% (correct)
- 20%
Which of the following deductions/exemptions are not allowed while computing total income under section 115BAC(2)?
Which of the following deductions/exemptions are not allowed while computing total income under section 115BAC(2)?
- Deductions under Chapter VI-A
- Interest on loan in respect of self-occupied property
- Exemption in respect of special allowances or benefits
- Leave travel concession (correct)
Under section 115BAC(6), who can exercise the option to opt-out of the concessional tax regime?
Under section 115BAC(6), who can exercise the option to opt-out of the concessional tax regime?
- Only HUFs and AoPs
- Those who have income chargeable to special rates under Chapter XII (correct)
- Only artificial judicial persons
- All taxpayers except Individuals
What is the tax rate for income above ` 15,00,000 under the default tax regime under section 115BAC?
What is the tax rate for income above ` 15,00,000 under the default tax regime under section 115BAC?
Which of the following is a condition specified under section 115BAC(2) that needs to be satisfied?
Which of the following is a condition specified under section 115BAC(2) that needs to be satisfied?
Under the optional tax regime, what is the tax rate for income from 6,00,001 to 9,00,000?
Under the optional tax regime, what is the tax rate for income from 6,00,001 to 9,00,000?
What is one deduction/exemption that would NOT be allowed while computing total income under section 115BAC(2)?
What is one deduction/exemption that would NOT be allowed while computing total income under section 115BAC(2)?
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