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...
Read MoreIncome 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 […]...
Read MoreIncome 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....
Read MoreIncome 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....
Read MoreIncome 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. […]...
Read MoreIncome 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...
Read MoreIncome 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...
Read MoreIncome 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...
Read MoreITO 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 MoreCircular 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...
Read MoreNotification 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...
Read MoreCircular 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...
Read MoreITO Vs Aishwarya Foundation (ITAT Patna) -
Circular No. 04 of 2023-Income Tax - 05/04/2023