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5 days ago · The Budget 2020 introduced Section 115BAC - a new tax regime with lower tax rate with fewer exemptions and deductions. It was further amended in the Budget 2023, changing the slab rates 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.
2 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.
Oct 9, 2023 · Explore the New Tax Regime (Section 115BAC) introduced in the Income Tax Act, 1961 by the Indian government. With lower tax rates and simplified rules, discover its applicability, income tax rates for FY 2023-24, and the impact on exemptions.
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.
Nov 17, 2021 · INTRODUCTION. 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 .
Dec 24, 2023 · Under Section 115BAC, the taxation of salary income is based on either the due basis or receipt basis, whichever occurs first. Section 115 BAC is particularly advantageous for taxpayers without tax-saving investments or those unwilling to make such investments in the foreseeable future.
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.
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).
Mar 1, 2023 · Section 115BAC allows individuals to pay income tax at a lower rate. However, when individuals opt for the new tax regime or Section 115BAC, they have to forego approximately 70 tax exemptions and deductions.
