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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.
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 ...
Apr 15, 2024 · Generally, no tax shall be payable by an assessee having total income upto Rs. 7 Lakhs (w.e.f. AY 2024-25) as per the provisions of Section 115BAC of the Act, now commonly referred to as ‘the New Regime’.
Section 115BAC of the Income Tax Act, 1961. In case, taxpayer wants to claim any deductions (as applicable), then taxpayer needs to choose the old tax regime by selecting “Yes” option in ITR 1 / ITR 2 (or) “Y. 4 / ITR 5 in the field provided for “opting out option” under Schedule ‘Personal Information’ or ‘Part-A General’ in the respective ITR.
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.
Feb 13, 2023 · In this article we will do a detailed analysis of Section 115BAC as amended by Finance Act 2023. We shall be referring section 115BAC as new regime and normal slab rates applicable to Person (under 60 years, 60-80 years and above 80 years, all three slabs) as Old regime.
3 days ago · What are the Income Tax Slab Rates Under Section 115BAC? The Union Budget 2024 introduced significant changes to the new tax regime. These changes are expected to provide significant tax relief to the middle class and make the new tax regime more appealing. Revised Tax Slab (New Tax Regime) FY 2024-25 along with FY 2023-24.
