Search results
Jun 5, 2024 · Understand Section 115BAC(6) and opting out from the New Tax Regime (NTR). Learn about exercising options, withdrawal, and eligibility criteria.
May 7, 2024 · Taxpayers have to file form 10-IEA which is an application for exercise of option under section 115BAC (6), i.e., for opting out of new tax regime. The form to opt out of new tax regime...
Feb 7, 2024 · The notified ITR forms asks the individual "Do you wish to exercise the option u/s 115BAC (6) of opting out of new tax regime? (default is No)". If the option "No" is selected, the income tax return form will calculate the amount of income tax payable as per the slabs of the new tax regime.
Apr 15, 2024 · a) New Regime (Section 115BAC) is Default Tax Regime and Old Regime is optional. b) If a taxpayer (having income from business or profession) has to opt for Old Regime, then Form 10-IEA has to filed within the due date specified u/s. 139 (1) of the Act.
Jun 18, 2024 · Section 115BAC was further amended in the Budget 2023, and the new regime was made the default regime from FY 2023-24. If an individual or HUF wants to opt for the old tax regime, then he must file Form 10-IEA before the due date of filing ITR.
May 30, 2024 · The ITR form asks the individual if you wish to exercise the option u/s 115BAC(6) of opting out of the new tax regime? (default is No). If “no” is selected by the taxpayer, the income tax return will be calculated based on the new regime income tax slab.
Jun 21, 2023 · Rule 2BB: An employee who has exercised an option under sub-section (5) of section 115BAC or whose income is chargeable to tax under sub-section (1A) of section 115BAC shall be entitled to exemption only for specific allowances mentioned in the rule.
