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4 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.
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 ...
1 day 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.
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.
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.
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.
Jan 11, 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).
