Section 115BAC

New Scheme of Taxation U/S 115BAC of Income Tax Act, 1961

Income Tax - A new scheme of taxation has been introduced by the Finance Act ,2020 by insertion of   a new Section 115BAC. The basic feature of this new tax regime is lower tax rates as compared to existing slab rates but on the other hand the assessee has  to forego around 70 exemptions and deductions presently available ....

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Analysis of Section 115BAC & Form 10-IE

Income Tax - In this Article we will understand mainly about Section 115BAC & Form 10-IE. Finance Act,2020 introduce NEW TAX REGIME. The Finance Minister announced new tax slab for Individuals, HUF and Co-operative societies. Therefore, for inserting new tax slab Ministry has inserted two sections: ♦ Section 115BAC: New Tax Rate for income of In...

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F&O Turnover, Taxation, Audit & More

Income Tax - Now a day Derivative Trading i.e. trading in future and options (F&O) on stocks, currencies, and commodities has become a hot topic amongst investors. Data suggest that during last two years during pandemics the trading in shares & derivative increased substantially. Unfortunately, most people have little knowledge about taxation ...

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Caution before choosing NTR under Section 115BAC of Income Tax Act, 1961

Income Tax - The Finance Act, 2020 came up with a number of amendments and introductions in the Income Tax Act, 1961 (‘Act’). One of such being the introduction, a New Tax Regime (‘NTR’) has been brought in under the Act. For the purpose of bringing the NTR into action, 2 new sections were inserted by the Government-Section […]...

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Section 115BAC- Tax on income of Individuals & HUF for FY 2020-21

Income Tax - New Tax Regime under Section 115BAC- Tax on income of Individuals and Hindu Undivided Family for FY 2020-21 The Finance Act, 2020 has introduced a New Tax Regime (‘NTR’) by inserting a new Section 115BAC -Tax on income of Individuals and Hindu Undivided Family under Income Tax Act, 1961 (‘the Act’) w.e.f. 01.04.2021. Under the sa...

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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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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"

New Scheme of Taxation U/S 115BAC of Income Tax Act, 1961

A new scheme of taxation has been introduced by the Finance Act ,2020 by insertion of   a new Section 115BAC. The basic feature of this new tax regime is lower tax rates as compared to existing slab rates but on the other hand the assessee has  to forego around 70 exemptions and deductions presently available ....

Read More
Posted Under: Income Tax |

Representation on Non acceptance of 115BAC cases on IT Portal

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 More
Posted Under: Income Tax | ,

Section 115BAC of Income-tax Act, 1961

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 More
Posted Under: Income Tax |

Analysis of Section 115BAC & Form 10-IE

In this Article we will understand mainly about Section 115BAC & Form 10-IE. Finance Act,2020 introduce NEW TAX REGIME. The Finance Minister announced new tax slab for Individuals, HUF and Co-operative societies. Therefore, for inserting new tax slab Ministry has inserted two sections: ♦ Section 115BAC: New Tax Rate for income of In...

Read More
Posted Under: Income Tax |

F&O Turnover, Taxation, Audit & More

Now a day Derivative Trading i.e. trading in future and options (F&O) on stocks, currencies, and commodities has become a hot topic amongst investors. Data suggest that during last two years during pandemics the trading in shares & derivative increased substantially. Unfortunately, most people have little knowledge about taxation ...

Read More
Posted Under: Income Tax |

Caution before choosing NTR under Section 115BAC of Income Tax Act, 1961

The Finance Act, 2020 came up with a number of amendments and introductions in the Income Tax Act, 1961 (‘Act’). One of such being the introduction, a New Tax Regime (‘NTR’) has been brought in under the Act. For the purpose of bringing the NTR into action, 2 new sections were inserted by the Government-Section […]...

Read More
Posted Under: Income Tax |

Section 115BAC- Tax on income of Individuals & HUF for FY 2020-21

New Tax Regime under Section 115BAC- Tax on income of Individuals and Hindu Undivided Family for FY 2020-21 The Finance Act, 2020 has introduced a New Tax Regime (‘NTR’) by inserting a new Section 115BAC -Tax on income of Individuals and Hindu Undivided Family under Income Tax Act, 1961 (‘the Act’) w.e.f. 01.04.2021. Under the sa...

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Posted Under: Income Tax |

New versus Old Tax Regime | Section 115BAC | Income Tax Act, 1961

The Budget 2020 introduces a new regime under section 115BAC giving an option to individuals and HUFs to pay income tax at lower rates. From FY 2020-21, the assessee can choose to pay income tax under an optional new tax regime. The new tax regime is available for individuals and HUFs with lower tax rates […]...

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Posted Under: Income Tax |

Section 115BAC Concessional Tax Slab Rates W.E.F. AY 2021-22

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, [&hellip...

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Posted Under: Income Tax |

Alternative Tax Regime for Individuals/HUFs under Section 115BAC

Dear Friends, we know that income of Individuals/HUFs are taxable as per progressive tax slabs. The maximum rate of tax payable is @30%, when income of Individual/HUF exceeds Rs. 10.00 Lakhs in relevant previous year. The Central Government has inserted Section 115BAC with effect from AY 2021-22 to provide Optional Tax Regime to Individua...

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Posted Under: Income Tax |

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