Section 115BAC

Old Vs New Income Tax Regime – Which one to opt for?

Income Tax - The Budget 2020 introduced a new tax regime under section 115BAC giving an option to Individuals and HUF Taxpayers to pay income tax at lower rates. The new scheme is applicable for income earned for FY 2020-21 (AY 2021-22). The Ministry of Finance has removed around 70 tax deductions & exemptions while proposing the new […]...

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115BAC: Option to choose new New Tax Rates

Income Tax - As financial year 2020-21 is going to end, there is confusion in every taxpayer’s mind, what option of tax calculation he / she have to choose? What has created this confusion? Answer is Finance Act 2020. Through Finance Act 2020, the Government has given an option to Individual and HUF taxpayers to pay tax using […]...

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Alternate Tax Regime for Individuals u/s 115BAC from AY 2021-22

Income Tax - Disclaimer: Before start reading, we would like to clear the fact that this write up is only meant for salaried class employees and not meant for individuals having business Income. As there are some differences in the scheme for the salaried and non-salaried class of persons. Little Background The date of submission of investment proof [...

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Opting New Tax Regime- Know the form You need to file

Income Tax - As we all aware that one of the most important amendment brought by Finance Act, 2020 is the New Tax Regime with lower rate of tax introduced mainly for individual, HUF and Co-operative Societies. Now CBDT by issuing notification has clarified regarding the compliance requirement to opt for this new tax regime. The Notification No [&helli...

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New tax regime for Individuals- Features, benefits & conditions

Income Tax - Should you go for the new tax regime for Individuals? what are the features, benefits and conditions? From FY 2020-21, you can choose to pay income tax under an optional new tax regime. The new tax regime is available for individuals and HUFs. ‘Lower tax rates but no deductions/exemptions’ is the key feature. Provisions of [&h...

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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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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"

Old Vs New Income Tax Regime – Which one to opt for?

The Budget 2020 introduced a new tax regime under section 115BAC giving an option to Individuals and HUF Taxpayers to pay income tax at lower rates. The new scheme is applicable for income earned for FY 2020-21 (AY 2021-22). The Ministry of Finance has removed around 70 tax deductions & exemptions while proposing the new […]...

Read More
Posted Under: Income Tax |

115BAC: Option to choose new New Tax Rates

As financial year 2020-21 is going to end, there is confusion in every taxpayer’s mind, what option of tax calculation he / she have to choose? What has created this confusion? Answer is Finance Act 2020. Through Finance Act 2020, the Government has given an option to Individual and HUF taxpayers to pay tax using […]...

Read More
Posted Under: Income Tax |

Alternate Tax Regime for Individuals u/s 115BAC from AY 2021-22

Disclaimer: Before start reading, we would like to clear the fact that this write up is only meant for salaried class employees and not meant for individuals having business Income. As there are some differences in the scheme for the salaried and non-salaried class of persons. Little Background The date of submission of investment proof [...

Read More
Posted Under: Income Tax |

Opting New Tax Regime- Know the form You need to file

As we all aware that one of the most important amendment brought by Finance Act, 2020 is the New Tax Regime with lower rate of tax introduced mainly for individual, HUF and Co-operative Societies. Now CBDT by issuing notification has clarified regarding the compliance requirement to opt for this new tax regime. The Notification No [&helli...

Read More
Posted Under: Income Tax | ,

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

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...

Read More
Posted Under: Income Tax |

New tax regime for Individuals- Features, benefits & conditions

Should you go for the new tax regime for Individuals? what are the features, benefits and conditions? From FY 2020-21, you can choose to pay income tax under an optional new tax regime. The new tax regime is available for individuals and HUFs. ‘Lower tax rates but no deductions/exemptions’ is the key feature. Provisions of [&h...

Read More
Posted Under: Income Tax |

Note on Section 115BAC & Notification No. 38/2020 dated 26.06.2020

Note on Section 115BAC & Income Tax Notification No. 38/2020 dated 26.06.2020 Sec 115BAC – Tax on income of individual and Hindu undivided family is introduced in Finance Act, 2020 which is applicable to financial year commencing from 1.4.2020. This section gives an option to an individual assesse to get it assessed under this secti...

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Posted Under: Income Tax |

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 to meet cost of travel and daily expens...

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Analysis of Section 115BAC of Income Tax

Section 115BAC is inserted in order to provide the benefit of significant reduction in income tax slab rates. However, The new and optional income tax regime comes with the consequential surrender of specified deductions/ incentives....

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Posted Under: Income Tax |

Which scheme should an employee opt for Income Tax?

The dilemma of which scheme should an employee opt for Income tax in FY 20-21 Everything has been changed in the beginning of new FY 2020-21 like the new virus, lockdown, work from home and also popped up new question i.e.  ‘Which scheme should an employee opt for Income Tax ?’ A new section 115BAC […]...

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Posted Under: Income Tax |

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