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Jun 18, 2024 · Section 115BAC of Income-tax Act, 1961 introduces a new regime with lower tax rates and reduced deductions. Taxpayers must compare old and new regime benefits. It's applicable from FY 2020-21, default from FY 2023-24.
May 21, 2024 · 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.
Dec 24, 2023 · In the new tax regime, a resident individual paying tax under Section 115BAC may receive a higher rebate under Section 87A if the total income is up to Rs. 7,00,000, with a marginal rebate applicable if the income marginally exceeds Rs. 7,00,000.
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.
The 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 assessee being an Individual, HUF, AOP (not being co-operative societies), BOI or Artificial Juridical Person.
Feb 13, 2023 · Section 115 BAC, effective from FY 2020-21, deals with the new and optional income tax regime for individuals and Hindu Undivided Families (HUFs). Let us understand the new slab rates, eligibility criteria for the new regime and the deductions that are allowed or disallowed under Section 115BAC.
