Section 115JC of ITA, 1961 : Section 115Jc: Special Provisions For Payment Of Tax By Certain Persons Other Than A Company
ITA, 1961
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Explanation using Example
Imagine a freelance graphic designer, Mr. Sharma, who earns income from various projects throughout the year. In the financial year 2022-23, he makes a profit of INR 10 lakhs. He claims deductions under various sections, such as section 80C for his investments in tax-saving instruments and section 35AD for investment in a new plant and machinery. After these deductions, his taxable income reduces significantly, and his regular income-tax liability comes out to be INR...
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