Section 115BAC

Detailed Analysis of New Tax Regime Section 115BAC, 115BAA, 115BAD F.Y. 2023-24 A.Y 2024-25

Income Tax - DETAILED ANALYSIS OF NEW TAX REGIME SECTION 115BAC, 115BAA, 115BAD F.Y. 2023-24 A.Y 2024-25…… updated on 15.04.2023. Taxpayers now have to opt for New Tax Regime (lower tax rate with no deduction of various allowances and investments etc.) or Old Tax Regime (which allows deductions and allowances) and have to pay tax in accordance wit...

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New Income Tax Regime – Salaried Employees

Income Tax - 1. CBDT vide circular No. 04 dated 05 April 2023 clarified that the employer shall seek information from each of its employees regarding his intended tax regime and each such employee shall intimate the same to the employer. The intimation is required for the purpose of TDS by the employer. It cannot be modified during […]...

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Salary TDS U/S 192 Changes/Clarification W.E.F. 05/04/2023

Income Tax - Section 192 of the Income Tax Act, 1961 is applicable to all employers who are responsible for deducting tax at source from the salaries of their employees. This section applies to all types of employees, including full-time, part-time, and contractual employees, as long as they are earning a salary....

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Detailed analysis of Section 115BAC as amended by Finance Act 2023

Income Tax - Section 115BAC was introduced in Finance act 2020 as New Tax Regime whereby new tax rates were introduced for Individuals and HUF as an option to existing tax rates applicable....

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Critical Examination of Section 115BAC – New Tax Regime

Income Tax - As on 1 Feb 2023, Union Budget has been presented by the Finance Minister. Finance Act 2023 has brought 122 amendments in the Income Tax Act, 1961. Salaried and Middle class people were expecting some positive changes in Income Tax, in that line One of the most discussed amendment was changes made in section 115BAC. […]...

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Representation on Non acceptance of 115BAC cases on IT Portal

Income Tax - Rejection of ITRs specifically claiming option u/s 115BAC by filing of Form 10-IE Possibility of major bug in new IT Portal specific to cases u/s 115BAC – Regarding...

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Section 115BAC of Income-tax Act, 1961

Income Tax - New Income Tax Regime, Section – 115BAC, Income-tax Act, 1961 Tax on income of individuals and Hindu undivided family under new Income Tax Regime: Below is quoted the section 115BAC of Income Tax Act 1961 115BAC. (1) Notwithstanding anything contained in this Act but subject to the provisions of this Chapter, the income-tax payable...

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Taxpayer opting Lower Tax Rate- Change of Income-Tax Rules

Income Tax - On 26th June, the Central Board of Direct Taxes (CBDT) has made certain changes in  Income Tax Rules vide Notification No. 38/2020-Income Tax  related to Perquisites & Allowances to Taxpayer opting Lower Tax Rate Option- Section 115BAC. Now, as per the new income tax regime 2020-21, the employees will be eligible to claim the exem...

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Section 115BBC not attracted as record of donors duly maintained

ITO Vs Aishwarya Foundation (ITAT Patna) - ITAT Patna held that as assessee duly complied with the requirement of maintaining the records of the donors in the form of their names and addresses the same cannot be held as anonymous donations and accordingly provisions of section 115BBC of the Income Tax Act are not attracted....

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TDS deduction on Salary – Old Regime- New Regime- CBDT clarified

Circular No. 04 of 2023-Income Tax - (05/04/2023) - CBDT vide Circular No. 04/2023-Income Tax clarified that  Each year, employer shall seek information from each of its employees regarding their intended Tax Regime (Old or New under section 115BAC) and deduct TDS accordingly, If intimation is not made by an employee then his default tax regime is n...

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Opted new Tax Regime- Claim conveyance, travel allowance

Notification No. 38/2020-Income Tax [G.S.R. 415(E)] - (26/06/2020) - Perquisites & Allowances to Taxpayer opting Lower Tax Rate Option- Section 115BAC CBDT issued Notification No. 38/2020-Income Tax Dated- 26/06/2020 amending rule 2BB  of Income Tax Rules to allow taxpayers who are opting for the new tax regime (section 115BAC)  to claim exemption for allowance...

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Tax Rate Option exercise by Employee for TDS on Salary & by Business

Circular C1 of 2020 - (13/04/2020) - An employee, having income other than the income under head profit and gains of business or profession and intending to opt for the concessional rate under section 115BAC of the Act, may intimate the deductor, being his employer, of such intention for each previous year and upon such intimation, the...

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Recent Posts in "Section 115BAC"

Section 115BBC not attracted as record of donors duly maintained

ITO Vs Aishwarya Foundation (ITAT Patna)

ITAT Patna held that as assessee duly complied with the requirement of maintaining the records of the donors in the form of their names and addresses the same cannot be held as anonymous donations and accordingly provisions of section 115BBC of the Income Tax Act are not attracted....

Read More

Detailed Analysis of New Tax Regime Section 115BAC, 115BAA, 115BAD F.Y. 2023-24 A.Y 2024-25

DETAILED ANALYSIS OF NEW TAX REGIME SECTION 115BAC, 115BAA, 115BAD F.Y. 2023-24 A.Y 2024-25…… updated on 15.04.2023. Taxpayers now have to opt for New Tax Regime (lower tax rate with no deduction of various allowances and investments etc.) or Old Tax Regime (which allows deductions and allowances) and have to pay tax in accordance wit...

Read More
Posted Under: Income Tax |

New Income Tax Regime – Salaried Employees

1. CBDT vide circular No. 04 dated 05 April 2023 clarified that the employer shall seek information from each of its employees regarding his intended tax regime and each such employee shall intimate the same to the employer. The intimation is required for the purpose of TDS by the employer. It cannot be modified during […]...

Read More
Posted Under: Income Tax | ,

Salary TDS U/S 192 Changes/Clarification W.E.F. 05/04/2023

Section 192 of the Income Tax Act, 1961 is applicable to all employers who are responsible for deducting tax at source from the salaries of their employees. This section applies to all types of employees, including full-time, part-time, and contractual employees, as long as they are earning a salary....

Read More
Posted Under: Income Tax | ,

TDS deduction on Salary – Old Regime- New Regime- CBDT clarified

Circular No. 04 of 2023-Income Tax 05/04/2023

CBDT vide Circular No. 04/2023-Income Tax clarified that  Each year, employer shall seek information from each of its employees regarding their intended Tax Regime (Old or New under section 115BAC) and deduct TDS accordingly, If intimation is not made by an employee then his default tax regime is new Income Tax regime u/s 115BAC. CBDT [&...

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Detailed analysis of Section 115BAC as amended by Finance Act 2023

Section 115BAC was introduced in Finance act 2020 as New Tax Regime whereby new tax rates were introduced for Individuals and HUF as an option to existing tax rates applicable....

Read More
Posted Under: Income Tax |

Critical Examination of Section 115BAC – New Tax Regime

As on 1 Feb 2023, Union Budget has been presented by the Finance Minister. Finance Act 2023 has brought 122 amendments in the Income Tax Act, 1961. Salaried and Middle class people were expecting some positive changes in Income Tax, in that line One of the most discussed amendment was changes made in section 115BAC. […]...

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Posted Under: Income Tax |

Simplified Tax Regime – Is it more attractive than Old Regime?

Just before the Finance Minister presented Budget 2023 in the Lok Sabha, my father, echoing the sentiments of many, said: “Being a middle class salaried person, why would anyone opt for the simplified tax regime u/s 115BAC?” This question may have to be re-looked especially after the Budget announcement by the Finance Minister. In her...

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Posted Under: Income Tax |

Highlights of Income Tax changes in Finance Bill, 2023

1. Personal Income-tax Rates : New Income Tax Tax Regime as proposed to be amended by Union Budget 2023-24 Under sub-section (1A) of section-115BAC of Income Tax Act, 1961 from A.Y. 2024-25 / F.Y. 2023-24  onwards in case of Individual or HUF or association of persons (Other than a co-operative society) or Body of Individual […]...

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Posted Under: Income Tax |

Personal Income tax – Budget 2023 – Taxing Gross Income

PERSONAL INCOME TAX PERSPECTIVE IN THE BUDGET 2023 – TAXING THE GROSS INCOME AND GROSSING UP REASONABLE TAX Finance Bill 2023 is a long -cherished desire come true of the Central Government, which has been canvassing for quite some time to do away with the archaic exemption raj of the Income-tax Act,1961. Following the Government’...

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Posted Under: Income Tax |

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