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4 days ago · 12 min read. The Budget 2020 introduces a new regime under Section 115BAC giving individuals and HUF taxpayers an option to pay income tax at lower rates with fewer exemptions and deductions to claim. Keep reading to learn more about Section 115BAC of the Income-tax Act, 1961.
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 ...
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.
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.
Jul 16, 2024 · With the recent changes in the utility of Income Tax returns, a significant focus has been placed on Sections 87A and 115BAC (1A) of the Income Tax Act, 1961. Understanding these sections and their implications on taxpayers has become crucial. Section 87A provides a rebate for resident individuals, reducing their tax liability if their total ...
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).
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.
