{"act":{"id":"finance-act-2024-no-2","short_title":"The Finance Act, 2024 (No. 2)","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2024-2025.","act_number":null,"act_year":2024,"enact_date":"2024-08-16","enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":174,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2024-no-2/"},"unit":"section","section":{"number":"37","heading":"Amendment of section 115BAC","text":"Amendment of section 115BAC. 37. In section 115BAC of the Income-tax Act, for sub-section (1A), the following sub-section shall be substituted with effect from the 1st day of April, 2025, namely:— \"(1A) Notwithstanding anything contained in this Act but subject to the provisions of this Chapter, the income-tax payable in respect of the total income of a person, being an individual or Hindu undivided family or association of persons (other than a co-operative society), or body of individuals, whether incorporated or not, or an artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2, other than a person who has exercised an option under sub-section (6),— (i) | for any previous year relevant to the assessment year beginning on the 1st day of April, 2024, shall be computed at the rate of tax given in the following Table, namely:— TABLE Sl. No. | Total income | Rate of tax (1) | (2) | (3) 1. | Upto Rs. 3,00,000 | Nil 2. | From Rs. 3,00,001 to Rs. 6,00,000 | 5 per cent 3. | From Rs. 6,00,001 to Rs. 9,00,000 | 10 per cent 4. | From Rs. 9,00,001 to Rs. 12,00,000 | 15 per cent 5. | From Rs. 12,00,001 to Rs. 15,00,000 | 20 per cent 6. | Above Rs. 15,00,000 | 30 per cent; (ii) | for any previous year relevant to the assessment year beginning on or after the 1st day of April, 2025, shall be computed at the rate of tax given in the following Table, namely:— TABLE Sl. No. | Total income | Rate of tax (1) | (2) | (3) 1. | Upto Rs. 3,00,000 | Nil 2. | From Rs. 3,00,001 to Rs. 7,00,000 | 5 per cent 3. | From Rs. 7,00,001 to Rs. 10,00,000 | 10 per cent 4. | From Rs. 10,00,001 to Rs. 12,00,000 | 15 per cent 5. | From Rs. 12,00,001 to Rs. 15,00,000 | 20 per cent 6. | Above Rs. 15,00,000 | 30 per cent\".","html":"<p><b>Amendment of section 115BAC.</b></p><p><b>37.</b> In section 115BAC of the Income-tax Act, for sub-section (1A), the following sub-section shall be substituted with effect from the 1st day of April, 2025, namely:—</p><p>\"(1A) Notwithstanding anything contained in this Act but subject to the provisions of this Chapter, the income-tax payable in respect of the total income of a person, being an individual or Hindu undivided family or association of persons (other than a co-operative society), or body of individuals, whether incorporated or not, or an artificial juridical person referred to in sub-clause (<i>vii</i>) of clause (31) of section 2, other than a person who has exercised an option under sub-section (6),—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>i</i>)</td><td></td><td>for any previous year relevant to the assessment year beginning on the 1st day of April, 2024, shall be computed at the rate of tax given in the following Table, namely:—</td></tr></table></div><p><b>TABLE</b></p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td><i>Sl. No.</i></td><td><i>Total income</i></td><td><i>Rate of tax</i></td></tr><tr><td>(1)</td><td>(2)</td><td>(3)</td></tr><tr><td>1.</td><td>Upto Rs. 3,00,000</td><td>Nil</td></tr><tr><td>2.</td><td>From Rs. 3,00,001 to Rs. 6,00,000</td><td>5 per cent</td></tr><tr><td>3.</td><td>From Rs. 6,00,001 to Rs. 9,00,000</td><td>10 per cent</td></tr><tr><td>4.</td><td>From Rs. 9,00,001 to Rs. 12,00,000</td><td>15 per cent</td></tr><tr><td>5.</td><td>From Rs. 12,00,001 to Rs. 15,00,000</td><td>20 per cent</td></tr><tr><td>6.</td><td>Above Rs. 15,00,000</td><td>30 per cent;</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>ii</i>)</td><td></td><td>for any previous year relevant to the assessment year beginning on or after the 1st day of April, 2025, shall be computed at the rate of tax given in the following Table, namely:—</td></tr></table></div><p><b>TABLE</b></p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td><i>Sl. No.</i></td><td><i>Total income</i></td><td><i>Rate of tax</i></td></tr><tr><td>(1)</td><td>(2)</td><td>(3)</td></tr><tr><td>1.</td><td>Upto Rs. 3,00,000</td><td>Nil</td></tr><tr><td>2.</td><td>From Rs. 3,00,001 to Rs. 7,00,000</td><td>5 per cent</td></tr><tr><td>3.</td><td>From Rs. 7,00,001 to Rs. 10,00,000</td><td>10 per cent</td></tr><tr><td>4.</td><td>From Rs. 10,00,001 to Rs. 12,00,000</td><td>15 per cent</td></tr><tr><td>5.</td><td>From Rs. 12,00,001 to Rs. 15,00,000</td><td>20 per cent</td></tr><tr><td>6.</td><td>Above Rs. 15,00,000</td><td>30 per cent\".</td></tr></table></div>","words":336,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2024-no-2/section/37/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}