Income Tax Benefits for Individuals & HUFs for A.Y. 2025-26

who is at least 60 Years of age at any time during the previous year but less than 80 Years of age on the last day of the previous year

(subject to certain conditions)

Notes:

• The amount should be received by employee from his employer or former employer for leave to any place in India during term of service or after retirement/termination;

• Exemption shall be available for amount incurred in respect of fare for going anywhere in India by employee along with his family. The family means — her/his spouse and children, parents, brothers and sisters only when they are wholly or mainly dependent on the assessee.

• The exemption can be availed for two journeys in a block of 4 calendar years.

• Exemption shall be available for journey performed by a shortest route and by prescribed mode of transportations in prescribed situations.

a) Foreign enterprise is not engaged in any trade or business in India

b) His stay in India does not exceed in aggregate a period of 90 days in such previous year

c) Such remuneration is not liable to deducted from the income of employer chargeable under this Act

Note: Provisions of this section are applicable w.e.f. Assessment Year 2023-24

Note: Provisions of this section are applicable w.e.f. Assessment Year 2023-24

a) A non-resident engaged by the agency for rendering technical services in India;

b) Non-Indian citizen; or

c) Indian citizen who is not ordinarily resident in India

Note: Provisions of this section are applicable w.e.f. Assessment Year 2023-24

a) Non-Indian citizen; or

b) Indian citizen who is not ordinarily resident in India

Note: Provisions of this section are applicable w.e.f. Assessment Year 2023-24

(i) Government employees

1. (*15/26) X Last drawn salary** X completed year of service or part thereof in excess of 6 months.

2. Rs. 20,00,000#

3. Gratuity actually received.

*7 days in case of employee of seasonal establishment.

** Salary = Last drawn salary including DA but excluding any bonus, commission, HRA, overtime and any other allowance, benefits or perquisite

1. 1/2 X Average Salary* X Completed years of service

2. Rs. 20,00,000

3. Gratuity actually received.

*Average salary = Average Salary of last 10 months immediately preceding the month of retirement

**Salary = Basic Pay + Dearness Allowance (to the extent it forms part of retirement benefits)+ turnover based commission

a) Government employee

2. 1/2 of full value of commuted pension, if gratuity is not received by the employee

a) Government employee;

a) Amount actually received

b) Unutilized earned leave* X Average monthly salary

c) 10 months Average Salary**

d) Rs. 25,00,000

*While computing unutilized earned leave, earned leave entitlements cannot exceed 30 days for each year of service rendered to the current employer

**Average salary = Average Salary*** of last 10 months immediately preceding the retirement

***Salary = Basic Pay + Dearness Allowance (to the extent it forms part of retirement benefits)+ turnover based commission

a) An amount calculated as per section 25F(b) of the Industrial Disputes Act, 1947;

b) Rs. 5,00,000; or

c) Amount actually received.

1) Actual amount received as per the guidelines i.e. least of the following

a) 3 months salary for each completed year of services

b) Salary at the time of retirement X No. of months of services left for retirement; or

2) Rs. 5,00,000

W.e.f assessment year 2017-18, any amount transferred from superannuation fund to the notified pension scheme referred to in Section 80CCD shall also be exempt from tax.

(i) 50% of salary* for metro cities** and 40% of salary for other cities

(ii) Actual HRA received

(iii) Excess of rent paid over 10% of salary*

* Salary = Aggregate of basic salary, DA (to the extent it forms part of retirement benefits) and turnover based commission

** Delhi, Mumbai, Kolkata, Chennai

a) NRI or nominee or survivor of NRI;

b) Individual to whom bonds have been gifted by NRI.

b) Individual or HUF being a resident but not ordinary resident

a) interest received or receivable from a SPV; or

b) any income from renting or leasing or letting out any real estate asset owned directly by such business trust (REIT)

a) Compensation is received after 31-03-2004; and

b) Agriculture land was used by taxpayer or his parents for agricultural purpose during last two years

(Subject to certain conditions)

S.N.

Section

Particulars

Limit of exemption

Available to

I. Deduction from Salaries

1.

16(ia)

Standard Deduction

Rs. 50,000 or the amount of the salary whichever is fess

Individual – Salaried Employee & Pensioners

2.

16 (ii)

Entertainment Allowance

Least of the following is exempt from tax:

a) Rs 5,000

b) 1/5th of salary (excluding any allowance, benefits or other perquisite)

c) Actual entertainment allowance received

Individual – Government Employee & Pensioners

3.

16 (iii)

Employment Tax/Professional Tax.

Amount actually paid during the year

Individual – Salaried Employee

4.

–

Lump-sum payment made gratuitously or by way of compensation or otherwise to widow or other legal heirs of an employee who dies while still in active service [Circular No. 573, dated 21-08-1990]

Enter amount paid in lump-sum

Individual – Widow or other legal heirs of employee.

5.

–

Ex-gratia payment to a person (or legal heirs) by Central or State Government, Local Authority or Public Sector Undertaking consequent upon injury to the person or death of family member while on duty [Circular No. 776, dated 08-06-1999]

Enter amount paid as ex-gratia

Individual or legal heirs.

6.

89

Any portion of salary received in arrears or in advance or profit received in lieu of salary [Subject to certain conditions and circumstances]

Relief to the extent computed in accordance with Section 89

Individual – Salaried Employee

7.

89A

Relief from taxation in income from retirement benefit account maintained in a notified country

Relief to the extent computed in accordance with Rule 21AAA

Individual

8.

Allowances (Subject to certain conditions and circumstances)

Various allowances allowed to an employee are exempt from to tax up to certain limit*.

* Refer the document of ‘Allowance available for different category of taxpayers’

Individual – Salaried Employee

II. Income from Business and Profession

1.

44AD

Computation of income from eligible business on presumptive basis under Section 44AD provided turnover of eligible business does not exceed Rs. 2 crore (Subject to certain conditions).

Note: If an assessee opts out of the presumptive taxation scheme, after a specified period, he cannot choose to revert back to the presumptive taxation scheme for a period of five assessment years thereafter. [Section 44AD(4)]

Presumptive income of eligible business shall be 8 % of gross receipt or total turnover.

Note: Presumptive income shall be calculated at rate of 6% in respect of total turnover or gross receipts which is received by an account payee cheque or draft or use of electronic clearing system or any other electronic mode as may be notified.

Resident Individual, Resident HUF or Resident Partnership Firm (Other than LLP)

2.

44ADA

Computation of income from specified profession on presumptive basis if the total gross receipts from such profession do not exceed fifty lakh rupees in a previous year.

(Subject to conditions)

Presumptive income of such profession shall be 50% of total gross receipt.

Resident Assessee being individual or partnership firm (other than LLP)

III. Deductions from Capital Gains

1.

54

Investment of long-term capital gains, arising from sale of residential house or land appurtenant thereto, in purchase/construction of one/two new residential house (Subject to certain conditions and limits).

Note:

With effect from Assessment Year 2020-21, a taxpayer has an option to make investment in two residential house properties in India. This option can be exercised by the taxpayer only once in his lifetime provided the amount of long-term capital gain does not exceed Rs. 2 crores.

Amount invested new house/houses or capital gain, whichever is lower.

Individual and HUF

2.

54B

Investment of capital gains, arising from transfer of land used for agricultural purposes by an individual or his parents or a HUF, in other agricultural land (Subject to certain conditions and limits).

Amount invested in agricultural land or capital gains, whichever is lower.

Individual and HUF

3.

54F

Investment of long-term capital gains, arising from transfer of any long term asset other than a residential house property, in one new residential house property, provided that on the date of transfer the assessee should not own more than one residential house property (Subject to certain conditions and limits).

Amount invested in one new asset X capital gains/Net Consideration

Individual and HUF

4.

54GB

Investment of long-term capital gains arising from transfer of long-term capital asset, being a residential property, for subscribing the equity shares of an eligible company and such company has, within one year from the date of subscription, utilized this amount for purchase of specified new asset (subject to certain conditions and limits).

Note:

 1. W.e.f. April 1, 2017, eligible start-up is also included in definition of eligible company.

 2. Provisions of this section shall not apply to any transfer of residential property made after March 31, 2017. However, in case of an investment in eligible start-up, the residential property can be transferred up to March 31, 2021.

Amount invested in new asset by eligible Co. X Capital gains/Net Consideration

Individual and HUF

IV. Deductions from Income from Other Sources

1.

56(2)(x)

Any sum of money or immovable property or movable property received on or after April 1, 2017 without consideration or for inadequate consideration*** from a relative or member of HUF (subject to certain conditions and circumstances).

Note :

1. In case of immovable property, ‘inadequate consideration’ shall mean difference between stamp duty value and actual consideration, if it exceeds Rs. 50,000 or amount equal to 10% of consideration, whichever is higher.

2. Any sum of money received by an individual, from any person, in respect of any expenditure actually incurred by him on his medical treatment or treatment of any member of his family in respect of any illness related to COVID-19, shall not be considered as income of such person. (subject to certain conditions)

3. Any sum of money received by family member of a person who died due to COVID-19, the money so received shall not be considered as income of the family member where such money is received from the employer of deceased person. Where the money is received from any other person or persons, the exemption amount shall be limited to Rs. 10 lakh in aggregate. (subject to certain conditions

The whole amount received from specified relatives or in specified circumstances shall not be included in taxable income.

Any person

V. General-Deductions related to certain payments

1.

80C

1. Life insurance premium for policy:

a) in case of individual, on life of assessee, assessee’s spouse and any child of assessee

b) in case of HUF, on life of any member of the HUF

2. Sum paid under a contract for a deferred annuity:

a) in case of individual, on life of the individual, individual’s spouse and any child of the individual (however, contract should not contain an option to receive cash payment in lieu of annuity)

b) in case of HUF, on life of any member of the HUF

3. Sum deducted from salary payable to Government servant for securing deferred annuity or making provision for his wife/children [qualifying amount limited to 20% of salary]

4. Contributions by an individual made under Employees’ Provident Fund Scheme

5. Contribution to Public Provident Fund Account in the name of:

a) in case of individual, such individual or his spouse or any child of such individual

b) in case of HUF, in the name of any member there of

6. Contribution by an employee to a recognized provident fund

7. Contribution by an employee to an approved superannuation fund

8. Subscription to any notified security or notified deposit scheme of the Central Government.

For this purpose, Sukanya Samriddhi Account Scheme has been notified vide Notification No. 9/2015, dated 21/1/2015. Any sum deposited during the year in Sukanya Samriddhi Account by an individual would be eligible for deduction.

Amount can be deposited by an individual in the name of her girl child or any girl child for whom such an individual is the legal guardian.

9. Subscription to notified savings certificates [National Savings Certificates (VIII Issue)]

10. Contribution for participation in unit-linked Insurance Plan of UTI:

a) in case of an individual, in the name of the individual, his spouse or any child of such individual

b) in case of a HUF, in the name of any member thereof

11. Contribution to notified unit-linked insurance plan of LIC Mutual Fund:

a) in the case of an individual, in the name of the individual, his spouse or any child of such individual

b) in the case of a HUF, in the name of any member thereof

12. Subscription to notified deposit scheme or notified pension fund set up by National Housing Bank [Home Loan Account Scheme/National Housing Banks (Tax Saving) Term Deposit Scheme, 2008]

13. Tuition fees (excluding development fees, donations, etc.) paid by an individual to any university, college, school or other educational institution situated in India, for full time education of any 2 of his/her children

14. Certain payments for purchase/construction of residential house property

15. Subscription to notified schemes of (a) public sector companies engaged in providing long-term finance for purchase/construction of houses in India for residential purposes/(b) authority constituted under any law for satisfying need for housing accommodation or for planning, development or improvement of cities, towns and villages, or for both

16. Sum paid towards notified annuity plan of LIC or other insurer

17. Subscription to any units of any notified [u/s 10(23D)] Mutual Fund or the UTI (Equity Linked Saving Scheme, 2005)

18. Contribution by an individual to any pension fund set up by any mutual fund which is referred to in section 10(23D) or by the UTI (UTI Retirement Benefit Pension Fund)

19. Subscription to equity shares or debentures forming part of any approved eligible issue of capital made by a public company or public financial institutions

20. Subscription to any units of any approved mutual fund referred to in section 10(23D), provided amount of subscription to such units is subscribed only in ‘eligible issue of capital’ referred to above.

21. Term deposits for a fixed period of not less than 5 years with a scheduled bank, and which is in accordance with a scheme framed and notified.

22. Subscription to notified bonds issued by the NABARD.

23. Deposit in an account under the Senior Citizen Savings Scheme Rules, 2004 (subject to certain conditions)

24. 5-year term deposit in an account under the Post Office Time Deposit Rules, 1981 (subject to certain conditions)

25. Contribution to Tier-II NPS account by central Government’s employees.

Up to 1,50,000 (Subject to overall limit of Rs. 1,50,000 under Section 80C, 80CCC and 80CCD(1))

Individual and HUF

2.

80CCC

Contribution to certain specified Pension Funds of LIC/other insurer (Subject to certain conditions).

Up to 1,50,000 (Subject to overall limit of Rs. 1,50,000 under Section 80C, 80CCC and 80CCD)

Individual

3.

80CCD

Contribution to Pension Scheme (NPS) notified by the Central Government (Subject to certain conditions).

Note:-

1. Deduction under section 80CCD(2) on account of contribution made by the employer to a pension scheme is not subject to ceiling limit of Rs. 1,50,000 as provided under section 80CCE.

2. Addition deduction of Rs. 50,000 shall not be allowed in respect of contribution which is considered for deduction under section 80CCD(1), i.e., limit of 10% of salary/gross total income

3. Any payment from NPS to an assessee because of closure or his opting out of the pension scheme is exempt to the extent of 60%. However, with effect from the assessment year 2017-18, the whole amount received by the nominee from NPS on death of the assessee shall be exempt from tax.

4. Any partial withdrawal from NPS shall be exempt to the extent of 25% of amount of contributions made by the employee.

Amount contributed to pension scheme or 10% of salary/gross total income*, whichever is less (subject to ceiling limit of Rs. 1,50,000 as provided under Section 80CCE) shall be allowed as deduction under section 80CCD(1).

Additional deduction to the extent of Rs. 50,000 shall also be available to the assessee under section 80CCD(1B). The additional deduction is not subject to ceiling limit of Rs. 1,50,000 as provided under Section 80CCE.

Contribution made by employer shall also be allowed as deduction under section 80CCD(2) while computing total income of the employee. However, amount of deduction could not exceed 14% of salary in case of central/state Govt. employees and 10% in any other employees.

*10% of salary in case of employees otherwise 20% of gross total income.

Individual

4.

80CCG

Amount invested by specified resident individuals in listed shares or listed units in accordance with notified scheme for a lock-in period of 3 years (Subject to certain conditions).

Note: No deduction shall be allowed under this Section from Assessment Year 2018-19. However, an assessee who has claimed deduction under this Section earlier shall be allowed deduction till assessment year 2019-20.

Deduction of 50% of total investment subject to maximum of Rs. 25,000 is allowed for 3 consecutive assessment years, beginning with the assessment year relevant to the previous year in which the listed shares or list units of equity oriented funds are first acquired

Specified Resident Individual

5.

80D

Amount paid (in any mode other than cash) by an individual or HUF to LIC or other insurer to effect or keep in force an insurance on the health of specified person*. An individual can also make payment to the Central Government health scheme and/or on account of preventive health check-up.

* specified person means:

– In case of Individual – self, spouse, dependent children or parents

– In case of HUF – Any member thereof

Note:

1. Deduction for preventive health check-up shall not exceed in aggregate Rs. 5,000.

2. Payment on account of preventive health check-up may be made in cash.

3. Within overall limit, deduction shall also be allowed up to Rs. 50,000 towards medical expenditure incurred on the health of specified person provided such person is a senior citizen and no amount has been paid to effect or to keep in force an insurance on the health of such person.

4. ‘Senior citizen’ means an individual resident in India who is of the age of sixty years or more at any time during the relevant previous year.

In case of Individual, amount paid:

a) For self, spouse and dependent children: Up to Rs. 25,000 (Rs. 50,000 if specified person is a senior citizen)

b) For parents: additional deduction of Rs. 25,000 shall be allowed (Rs. 50,000 if parent is a senior citizen)

In case of HUF, up to Rs. 25,000 (Rs. 50,000 if specified person is a senior citizen).

Individual/HUF

6.

80DD

a) Any expenditure incurred for the medical treatment (including nursing), training and rehabilitation of a dependent, being a person with disability

b) Any amount paid or deposited under an approved scheme framed in this behalf by the LIC or any other insurer or the Administrator or the specified company for the maintenance of a dependent, being a person with disability

(Subject to certain conditions).

Rs. 75,000 (Rs. 1,25,000 in case of severe disability)

Note:

“dependant” means—

(i) in the case of an individual, the spouse, children, parents, brothers and sisters of the individual or any of them;

(ii) in the case of a HUF, any member thereof,

dependant wholly or mainly on such individual or Hindu undivided family for his support and maintenance, and who has not claimed any deduction under section 80U in computing his total income for the assessment year relating to the previous year.

Resident Individual and HUF

7.

80DDB

Expenses actually paid for medical treatment of specified diseases and ailments for:

a) In case of Individual: Assessee himself or wholly dependent spouse, children, parents, brothers and sisters

b) In case of HUF: Any member of the family who is wholly dependent upon the family

(Subject to certain conditions).

Up to Rs. 40,000 (Rs. 100,000 in case of senior citizen)

With effect from assessment year 2016-17, the prescription for medical treatment may be obtained from any specialist doctor not necessarily from a doctor working in Government hospital only.

Resident Individual and HUF

8.

80E

Amount paid out of income chargeable to tax by way of payment of interest on loan taken from financial institution/approved charitable institution for pursuing higher education (Subject to certain conditions).

The amount of interest paid during initial year and 7 immediately succeeding assessment years (or until the above interest is paid in full).

Individual

9.

80EE

Interest payable on loan taken up to Rs. 35 lakhs by taxpayer from any financial institution, sanctioned during the FY 2016-17, for the purpose of acquisition of a residential house property whose value doesn’t exceed Rs. 50 lakhs.

Note:

 1. On the date of sanction of loan, taxpayer should not own any other residential house property.

Deduction of up to Rs. 50,000 towards interest on loan.

Individual

9A.

80EEA

Interest payable on loan taken by an individual, who is not eligible to claim deduction under section 80EE, from any financial institution during the period beginning from 01/04/2019 ending on 31/03/2022 for the purpose of acquisition of a residential house property whose stamp duty value doesn’t exceed Rs. 45 lakhs

Deduction of up to Rs. 1,50,000 towards interest on loan

Individual

9B.

80EEB

Interest payable on loan taken by an individual from any financial institution during the period beginning from 01/04/2019 and ending on 31/03/2023 to purchase an electric vehicle.

Deduction of up to Rs. 1,50,000 towards interest on loan

Individual

10.

80GG

Rent paid for furnished/unfurnished residential accommodation (Subject to certain conditions)

Least of the following shall be exempt from tax:

a) Rent paid in excess of 10% of total income*;

b) 25% of the Total Income; or

c) Rs. 5,000 per month.

Total Income = Gross total income minus long term capital gains, short-term capital gains under section 111A, deductions under sections 80C to 80U (other than 80GG) and income under section 115A

Individual not receiving HRA

11.

80QQB

Royalty income of authors of certain specified category of books other than text books

Least of the following shall be exempt from tax:

a) In case of Lump sum payment – Amount of royalty income subject to maximum of Rs. 3,00,000

b) In other cases — amount of such income subject to maximum of 15% of value of books sold during the previous year.

Resident Individual — Authors

12.

80RRB

Royalty in respect of patents registered on or after 01.04.2003 (subject to certain conditions)

100% of royalty subject to maximum of Rs. 3,00,000

Resident Individual-Patentee

13.

80TTA

Interest on deposits in saving account with a banking company, a post office, co-operative society engaged in banking business, etc. (Subject to certain conditions)

100% of amount of such income subject to maximum of Rs. 10,000

Individual and HUF (Other than Resident Senior Citizen)

14.

80TTB

Interest on deposits with a banking company, a post office, co-operative society engaged in banking business, etc. (Subject to certain conditions)

100% of the amount of such income subject to the maximum amount of Rs. 50,000

Any senior citizen

15.

80U

A resident individual who, at any time during the previous year, is certified by the medical authority to be a person with disability [as defined under Persons with Disabilities (Equal Opportunities, Protection of Rights and Full Participation) Act, 1995]

Rs. 75,000 (Rs. 1,25,000 in case of severe disability)

Resident Individual

S.N.

Section

Particulars

Nature of exemption

Available to

1.

194C

Lower rate of TDS under Section 194C in case of payments to a contractor or sub-contractor

Tax is required to be deducted only if sum paid exceeds Rs. 30,000 or aggregate of sum paid during the financial year exceeds Rs. 1,00,000.

Deduction of tax at source at 1% if recipient is an Individual or HUF

Individual or HUF

1A.

193

No TDS from interest paid on 4.25% National Defence Bonds, 1972, 4.25% National Defence Loan, 1968, or 4.75% National Defence Loan, 1972, Government Securities [Other than 8% Savings (Taxable) Bonds, 2003 and 7.75% Saving (Taxable) Bonds, 2018]

No TDS from interest

Resident Individual

2.

193

No TDS from interest paid on debentures issued by a company in which public are substantially interested. Provided interest is paid by account payee cheque.

No TDS if interest during the financial year does not exceed Rs. 5,000

Resident Individual or HUF

2A.

194

No TDS from dividend paid by any mode other than cash to resident persons.

No TDS if amount paid or payable during the financial year does not exceed Rs. 5,000.

Resident Individual

2B

194A

No TDS from interest paid or payable on time deposit:

 a) Up to Rs. 50,000 in case of resident senior citizen

 b) Up to Rs. 40,000 in case of other assesse

If payer is a banking company, co-operative bank or post office

Resident Individual or HUF

2C.

194-O

No TDS from payment to participants of e-commerce

No TDS if amount paid or payable during the financial year does not exceed Rs. 5 Lakhs

Resident Individual or HUF

2D.

194Q

No TDS from payment made to resident seller

If amount paid or payable to resident seller for purchase of goods during the Financial Year if aggregate value of goods doesn’t exceed Rs. 50 lakhs

Resident Individual or HUF

2E.

194R

No TDS in case any benefit or perquisite is provided to a resident

If aggregate value of benefit/perquisite provided during the Financial Year doesn’t exceed Rs. 20,000

Resident Individual or HUF

2F.

194S

No TDS from payment on transfer of Virtual Digital Asset

No tax shall be deducted under this provision in the following circumstance:

• If the consideration is payable by any person (other than a specified person) and its aggregate value does not exceed Rs. 10,000 during the financial year.

• If the consideration is payable by a specified person and its aggregate value does not exceed Rs. 50,000 during the financial year.

Specified person means:

 a) An individual or a HUF, whose total sales, gross receipts or turnover does not exceed Rs. 1 crore in case of business or Rs. 50 lakhs in case of a profession, during the financial year immediately preceding the financial year in which virtual digital asset is transferred;

 b) An individual or a HUF who does not have any income under the head profits and gains of business or profession.

Resident Individual or HUF

2G.

–

No TDS from payment made to seller

No TDS if amount paid or payable to resident seller for purchase of goods during the Financial Year if aggregate value of goods doesn’t exceed Rs. 50 lakhs

Resident individual or HUF

3.

–

No obligation to deduct tax at source under Section 194A, 194C, 194H, 194-I and 194J if an Individual or HUF carries on a business or profession and total sales, turnover or gross receipts from such business or profession does not exceed the monetary limit specified under Section 44AB during the financial year immediately preceding the financial year in which sum is to be credited or paid.

Not liable to deduct tax at source

Individual or HUF

4.

197A(1)

No deduction of tax shall be made under Sections 194 and 194EE, if resident individual furnishes to the payer a written declaration in prescribed form that tax on his estimated total income of the previous year will be nil.

No tax shall be deducted from specified payments if the sum paid does not exceed the maximum amount which is not chargeable to tax

Resident Individual

5.

197A(1C)

No deduction of tax shall be made under section 192A, 193, 194, 194A, 194DA, 194EE and 194K if resident senior citizen furnishes to the payer a written declaration in prescribed form that tax on his estimated total income of the previous year will be nil.

With effect from assessment year 1-6-2016, the scope of section 197A has been extended to cover section 194-I (payment of rent)

No tax shall be deducted from specified payments

Resident Individual — Senior Citizen and Super Senior Citizen

6.

207(2)

Exemption from payment of advance tax by a resident senior citizen or resident super senior citizen not having any income from business or profession

(who is at least 60 Years of age at any time during the previous year)

Not liable to pay advance tax

Resident Senior Citizen and Resident Super Senior Citizen

7.

44AD

Assessee who has opted for presumptive taxation scheme under Section 44AD

No need to pay advance tax in installments. Assessee can pay whole amount in one installment on or before 15^th March of the financial year

Resident individual, Resident HUF or Resident Partnership Firm (Other than LLP)

8.

44ADA

Assessee who has opted for presumptive taxation scheme under section 44ADA

No need to pay advance tax in installments. Assessee can pay whole amount in one installment on or before 15th March of the financial year

Resident assessee being individual or partnership firm (other than LLP) who is engaged in a profession referred to in section 44AA(1)

c) His total income consists only income in the nature of pension and interest received or receivable from any account maintained with deductor (such bank); and

d) Tax on such income is deducted by deductor on the basis of rates in force.