Amendment of section 115BAC
Section 37 of the Finance Act, 2024 (No. 2) deals with amendment of section 115BAC. 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 The Act was enacted on 16 Aug 2024.
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
Section 37, The Finance Act, 2024 (No. 2).
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".
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
Questions about Section 37
What does Section 37 of the Finance Act, 2024 (No. 2) deal with?
Section 37 of the Finance Act, 2024 (No. 2) is headed "Amendment of section 115BAC". 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
How do I find court cases under Section 37 of the Finance Act, 2024 (No. 2)?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act, 2024 (No. 2) 37, section 37 Finance Act, 2024 (No. 2), section 37 of the Finance Act, 2024 (No. 2). Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
What should I read with Section 37 of the Finance Act, 2024 (No. 2), and has it changed?
Its own text turns on section 2 (Income-tax), Income-tax Act 115BAC (Tax on income of individuals, Hindu undivided family and others), so none of them can safely be read on its own. 3 other provisions in this corpus refer back to it.
When was Section 37 of the Finance Act, 2024 (No. 2) enacted?
Section 37 of the Finance Act, 2024 (No. 2), cited as Finance Act, 2024 (No. 2) 37, was enacted on 16 Aug 2024. It is in force as at the date shown on this page.
Other sections of this Act
- First Schedule. -10716 words
- 2. Income-tax9063 words
- 49. Substitution of new Chapter for Chapter XIV-B4593 words
- Fourth Schedule. -1864 words
- 138. Insertion of section 74A1329 words
- 89. Definitions889 words
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