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5 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.
Dec 24, 2023 · This reinforces the importance of careful consideration and informed decision-making for taxpayers with business income under Section 115 BAC of the Income Tax Act.
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.
Jul 16, 2024 · Section 87A provides a rebate for resident individuals, reducing their tax liability if their total income does not exceed a specified limit. Meanwhile, Section 115BAC (1A) introduces an optional new tax regime with lower tax rates but restrictions on exemptions and deductions. This analysis delves into these sections, exploring their key ...
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.
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, 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.
