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Jun 18, 2024 · 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.
e tax subject to a maximum of Rs. 12,500/-. In the new tax regime, the rebate is increased to Rs. 25,000/- or 100 percent of income tax where the. otal income does not exceed Rs. 7,00,000/-.10) While filing ITR for FY 2023-24 (AY 2024-25), I want to opt for the old tax regime instead of the default new tax regime, should I file Form 10-IE.
May 21, 2024 · Section 115BAC limits deductions and disallows various expenses such as HRA, medical costs, and education loan interest. Additionally, starting from FY 2023-24, individuals can claim a standard deduction of Rs. 50,000 under both the new and old tax regimes.
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 lowe.
Dec 24, 2023 · This provision offers a higher rebate to individuals, HUFs, Associations of Persons (AOPs), BOIs, and artificial juridical persons opting for the new tax regime under section 115BAC (1A) of the Income Tax Act.
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.
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).
Feb 2, 2020 · A new section 115BAC is inserted in the Income Tax Act by Finance Bill 2020 which provides that On satisfaction of certain conditions, an individual or HUF shall, from P.Y. 2020-21, A.Y. 2021-22 onwards, have the option to pay tax in respect of the total income at following rates: Total Income (Rs) Rate. Upto 2,50,000.
