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  1. cleartax.in › s › section-115bac-features-new-taxSection 115BAC of Income Tax Act: New Tax Regime Deductions ...

    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.

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  3. www.incometax.gov.in › iec › foportalFAQs on New vs. Old Tax Regime (AY 2024-25)

    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 ...

  4. taxguru.in › income-tax › section-115bac-concessionSection 115BAC Concessional Tax Slab Rates W.E.F. AY 2021-22

    May 14, 2021 · SECTION 115BAC – CONCESSIONAL TAX SLAB RATES. APPLICABLE W.E.F. AY 2021-22. As per section 115BAC, individuals or HUFs have an option to pay tax in respect of their total income (other than income chargeable to tax at special rates under Chapter XII such as section 111A, 112, 112A, 115BB etc.) at the following concessional rates, subject to ...

  5. taxguru.in › income-tax › section-115bac-new-taxSection 115BAC: New Tax Regime – Analysis ... - Tax Guru

    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.

  6. tax2win.in › guide › section-115bac-of-income-tax-actSection 115BAC of Income Tax Act: New Tax Regime ... - Tax2win

    3 days 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.

  7. groww.in › p › taxSection 115BAC of Income Tax Act - Groww

    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.

  8. learn.quicko.com › section-115bac-of-income-taxSection 115BAC: New Tax Regime - Learn by Quicko

    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).