Search results
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 ...
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.
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.
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 ...
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.
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.
Mar 31, 2024 · It is therefore clarified that the new regime under section 115BAC (1A) was introduced in the Finance Act 2023 which was as under as compared to the existing old regime (without exemptions):
