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  1. www.incometax.gov.in › iec › foportalForm 10-IEA - User Manual & FAQs | Income Tax Department

    Please Note: If you are opting out of new Tax regime this Additional Information panel will be greyed off. 4.3. Declaration and verification Part 3 is Declaration and verification by the taxpayer for Opting out or Re-entering in to the new Tax Regime. 5. How to Access and Submit 5.1. Filing of Form 10 IEA by taxpayer

  2. business.outlookindia.com › personal-finance › taxIncome Tax: How To Shift From The New To The Old Tax Regime?

    Feb 15, 2024 · Incomes ranging from Rs 5,00,001 to Rs 10 lakh will attract a tax rate of 20 per cent, while incomes above Rs 10 lakh are taxed at 30 per cent. These rates are higher than those under the new tax regime, where income up to Rs 7.27 lakh is exempt from tax, however, the old regime allows for more deductions. If you are a taxpayer who is earning ...

  3. economictimes.indiatimes.com › wealth › taxWhat is Section 115BAC of the Income-tax Act?

    Mar 1, 2023 · Section 115BAC was introduced in Budget 2020 and became effective from FY 2020-21 (AY 2021-22). Section 115BAC is commonly known as the new tax regime. When individuals opt to pay taxes at lower rates under the new income tax regime, they are required to select Section 115BAC while filing the income tax return.

  4. www.taxwink.com › blog › new-tax-regime-section-115bacSection 115BAC: New Optional Income Tax Regime for ... - TaxWink

    Apr 21, 2022 · Budget 2020 brought a new optional income tax regime for individuals & HUF. This optional tax regime is made applicable for F.Y. 2020-21 (A.Y. 2021-22) & onwards. The provisions of this scheme are covered under section 115BAC of the Income Tax Act, 1961. The basic feature of this new tax regime is the lower tax rates as compared to the existing ...

  5. www.paisabazaar.com › tax › section-115bacSection 115BAC - Understanding the New Income Tax Regime

    Feb 13, 2023 · What is Section 115BAC. Section 115BAC is the newly inserted section in the Income Tax Act, 1961 that deals with the new income tax regime. This section and alternate tax regime was introduced in Union Budget 2020 and is applicable to individuals and Hindu Undivided Families (HUFs) only. A key feature of this new regime is that the income tax ...

  6. pib.gov.in › PressReleaseIframePageClarification regarding applicability of new tax regime and ...

    Mar 31, 2024 · The option for opting out from the new tax regime is available till filing of return for the AY 2024-25. Eligible persons without any business income will have the option to choose the regime for each financial year. So, they can choose new tax regime in one financial year and old tax regime in another year and vice versa.

  7. cleartax.in › s › form-10ieForm 10IE- Option to choose New tax regime | How to Submit ...

    Jun 6, 2024 · Follow these steps for filing Form 10IE online: Step 1: Login on the e-filing portal. Step 2: On the dashboard, click ‘e-File’ > ‘Income tax forms’ > ‘File Income Tax Forms’. Step 3: Scroll down to select Form 10-IE. Alternatively, enter Form 10-IE in the search box. Click on ‘File now’ button to proceed.