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4 days ago · Section 115BAC - the new tax regime system came into force from FY 2020-21 (AY 2021-22). The new tax regime introduced concessional tax rates with reduced deductions and exemptions. Section 115BAC was further amended in the Budget 2023, and the new regime was made the default regime from FY 2023-24.
Apr 15, 2024 · Section 115BAC of the Income Tax Act, 1961 was introduced by Finance Act, 2020 for the first time and the provisions have been significantly amended vide Finance Act, 2023 which are applicable w.e.f. Assessment Year 2024-25.
3 days ago · The Finance Act of 2020 introduced Section 115BAC into the Indian Income Tax Act. This section allows individuals to choose between old tax rates and new reduced tax rates. Both regimes come with their own share of deductions and exemptions.
Nov 17, 2021 · A new scheme of taxation has been introduced by the Finance Act ,2020 by insertion of a new Section 115BAC. The basic feature of this new tax regime is lower tax rates as compared to existing slab rates but on the other hand the assessee has to forego around 70 exemptions and deductions presently available . APPLICABILITY OF THE SCHEME.
Feb 13, 2023 · Section 115 BAC, effective from FY 2020-21, deals with the new and optional income tax regime for individuals and Hindu Undivided Families (HUFs). Let us understand the new slab rates, eligibility criteria for the new regime and the deductions that are allowed or disallowed under Section 115BAC.
Oct 9, 2023 · The Indian government ushered in a new tax regime under Section 115BAC of the Income Tax Act, 1961, through the Union Budget 2020-21. This new tax system offers lower tax rates but reduces the number of deductions and exemptions compared to the old regime.
A new Section 115 BAC of the Income Tax Act has been added by the Finance Act of 2020. Read about the rates, eligibility, exemptions, and deductions on Groww in detail.
Dec 24, 2023 · Unraveling Section 115 BAC 1(A): Making sense of the New Income Tax Regime The new tax regime provides altered tax slabs and rates, giving taxpayers the option to compute tax on their total income without considering specified deductions or exemptions.
Jan 11, 2024 · Section 115BAC. Last updated on January 11th, 2024. In the 2020 budget, Finance Minister Nirmala Sitharaman introduced a new tax regime under section 115BAC of the Income Tax Act, 1961. This revised tax structure applies exclusively to individuals and Hindu Undivided Families (HUF).
May 4, 2024 · The Finance Act 2020 has inserted a new section 115BAC of Income Tax Act, wherein an individual gets an option to choose between the actual tax rates and the new concessional tax rates without considering prescribed exemptions or deductions.
