Income Tax : Explains how the new tax regime under Section 115BAC impacts higher-income salaried taxpayers, analysing the 25% slab, loss of ded...
Income Tax : Explains key deductions under Chapter VI-A and highlights frequent taxpayer errors, including documentation lapses and section-wis...
Income Tax : Understand the statutory time limits for filings, applications, approvals, and settlement processes under the Income-tax Act, incl...
Income Tax : Comparison of Old vs. Default Tax Regimes (Sec 115BAC) for salaried income. Covers tax slabs, Standard Deduction, and Surcharge ra...
Income Tax : Know the differences between Sections 80TTA and 80TTB of the Income-tax Act. Learn eligibility, deduction limits of Rs.10,000 and ...
Income Tax : The Finance Act, 2025, introduces new tax slabs and a higher rebate threshold for salaried individuals. This summary explains how ...
Income Tax : An overview of the Government's tax exemption framework, removal of deductions, and proposed revisions to reduce tax liability for...
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 specif...
Income Tax : New Income Tax Regime, Section – 115BAC, Income-tax Act, 1961 Tax on income of individuals and Hindu undivided family under ...
Income Tax : On 26th June, the Central Board of Direct Taxes (CBDT) has made certain changes in Income Tax Rules vide Notification No. 38/20...
Income Tax : The Tribunal examined denial of rebate due to technical computation issues. It held that deduction must be granted as income was b...
Income Tax : The Tribunal held that a one-day delay in filing Form 10IE for an earlier year cannot defeat the assessee’s right to be taxed un...
Income Tax : The Tribunal held that Section 87A rebate applies to STCG and LTCG taxed under Sections 111A and 112 when income is within ₹7 la...
Income Tax : The Tribunal observed that Form 10-IE was available on record before return processing and should have been considered. The assess...
Income Tax : ITAT ruled that a resident individual, opting for new tax regime with income below ₹7 lakhs, is eligible for full S 87A rebate, ...
Income Tax : CBDT vide Circular No. 04/2023-Income Tax clarified that Each year, employer shall seek information from each of its employees r...
Income Tax : Perquisites & Allowances to Taxpayer opting Lower Tax Rate Option- Section 115BAC CBDT issued Notification No. 38/2020-Income ...
Income Tax : An employee, having income other than the income under head profit and gains of business or profession and intending to opt for th...
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 […]
Explore the new tax regime and the compliance requirements surrounding it. Get to know the allowances and deductions you may have to sacrifice.
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 exemption in taxes […]
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 […]
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 section […]
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 expenses on transfer, […]
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.
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 […]
Finance Act 2020, has recently introduced new concessional personal tax regime, (New tax regime), by inserting Section 115BAC with effect from Financial year 2019-20.
The Union Budget 2020 has simplified taxation for taxpayers by proposing a brand new, “simplified” tax regime. The new tax regime lowers the tax rates for individual taxpayers. However, there’s a condition: they need to forego tax deductions and exemptions to avail the enticing lower rates. Several queries arises during making of choice of previous […]
