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115bac
Direct Taxation
If in question he have that employee intimated to company that he would opt 115bac but not submitted any investment proof then what to do Do we need to apply 115bac provisions
Answers (4)
If assessee opts for Section 115BAC - the following deductions shall not be allowed. 1. Leave Travel Concession Benefit (LTC) 2. House Rent Allowance Benefit (HRA) 3. Standard Deduction, Entertainment Allowance, Professional Tax on Salaries u/s 16 4. Other Special Allowance u/s 10(14) 5. Interest on Housing Loan u/s 24(b) 6. Allowance to MPs u/s 10(17) 7. Allowance on Account of Clubbing of Minor Childâ??s Income u/s 10(32) 8. Deduction from Family Pension u/s 57(iia) 9. Deductions under Chapter VI-A (80C, 80D, 80E Etc.) except employer contribution to NPS u/s 80CCD(2) So, generally, if the assessee is not having investments etc, he opts for 115BAC and no need to submit proofs
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