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1. cleartax.in › s › section-115bac-features-new-taxSection 115BAC of Income Tax Act: New Tax Regime Deductions ...

   cleartax.in › s › section-115bac-features-new-tax

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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.

2. www.incometax.gov.in › iec › foportalFAQs on New vs. Old Tax Regime (AY 2024-25)

   www.incometax.gov.in › iec › foportal

   s. Old Tax Regime (AY 2024-25)1. OverviewThe Finance Act 2023 has amended the provisions of Section 115BAC w.e.f AY 2024-25 to make new tax regime the default tax regime for the assessees being Individual, HUF, AOP (not being co-operative soc. eties), BOI or Artificial Juridical Person. However, the eligible taxpayers have the option to opt out ...

3. tax2win.in › guide › section-115bac-of-income-tax-actSection 115BAC of Income Tax Act: New Tax Regime ... - Tax2win

   tax2win.in › guide › section-115bac-of-income-tax-act

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   1 day ago · What is Section 115BAC of the New Tax Regime? According to Section 115BAC of the Income Tax Act, individuals or Hindu undivided families (HUFs) with income other than from a profession or business can choose to be taxed based on earlier years' income when filing their returns under Section 139 (1).

4. taxguru.in › income-tax › section-115bac-new-taxSection 115BAC: New Tax Regime – Analysis ... - Tax Guru

   taxguru.in › income-tax › section-115bac-new-tax

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   Apr 15, 2024 · Understand Section 115BAC of the Income Tax Act, 1961, and its implications for taxpayers. Explore the new tax regime, its provisions, exemptions, and deductions, helping you make informed decisions for your financial planning.

5. groww.in › p › taxSection 115BAC of Income Tax Act - Groww

   groww.in › p › tax

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   A new Section 115 BAC of the Income Tax Act has been added by the Finance Act of 2020, giving individuals the opportunity to choose between the old regular tax rates and new concessional tax rates without taking into account the legal requirements for exemptions or deductions.

6. learn.quicko.com › section-115bac-of-income-taxSection 115BAC: New Tax Regime - Learn by Quicko

   learn.quicko.com › section-115bac-of-income-tax

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   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).

7. www.indiafilings.com › learn › cbdt-clarification-onSection 115BAC of Income Tax Act - IndiaFilings

   www.indiafilings.com › learn › cbdt-clarification-on

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   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.