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...
Honourable finance minister while presenting the budget has provided an option to Individuals and HUFs to pay tax according to new rates. The optional rates as per Section 115BAC and their comparison with existing rates are as following. New Rates Existing Rates Sr. No. Total Income Rate Sr. No. Total Income Rate 1 Up to […]
Finance Bill 2020 has introduced new section, Section 115BAC where employee can pay tax on their total income at the rate specified in the Table from the assessment year 1st April, 2021. Table Sr. No. Total Income Rate (1) (2) (3) 1. Upto Rs.2.50 lacs Nil 2. From 2.50 lacs to 5 lacs 5% 3. […]
It is an issue that whether these concessional tax rates will be available in cases where the Income Tax return is filed belatedly under Section 139(4) or for the first time u/s. 148, 142(1) etc. In this article an attempt has been made to discuss the above issue along with in depth analysis on various other aspects of these new sections.
♠ Section 115BAC is introduced to provide an option to individuals or HUFs to pay tax at reduced slab rates subject to foregoing of certain exemptions / deductions and satisfaction of certain conditions. ♠The option shall be exercised for every financial year where the individual or the HUF has no business income and in other […]
Budget 2020- Section 115BAC and Tax Deduction at Source Under Section 192 of Income Tax Act, 1961 Finance Bill 2020-21 introduced a New Section 115BAC, as per this Section, an assessee has an option to tax his Total Income as per the rates prescribed under Section 115 BAC subject to his forgoing of tax concessions […]
Section 115BAC of Income Tax Act. 1. Clause 53 of the Bill seeks to insert new section 115BAC in the Income-tax Act relating to tax on income of individuals and Hindu undivided family. These amendments will take effect from 1st April, 2020 and will, accordingly, apply in relation to the assessment year 2020-2021 and subsequent […]
Brief of New Section 115BAC of Income Tax Act: New Income Tax Slab for the FY 20-21 A New section 115BAC of the Income-Tax Act, has been inserted with effect from the 1st day of April 2021 i.e. AY 2021-22. This section will provide the new and lower-income tax slab rates for the individual and […]
Income Tax Calculator AY 2021-22 (for Comparison under Present/Existing Tax Regime and Proposed New Tax Regime)- Union Budget 2020-21 In Finance Budget 2020, Government has come up with new income tax slab rate for Individual and HUF. This new tax structure is optional as assessee can choose between old or new tax structure whichever is […]
The budget was expected to be a path breaking one, being the first budget of the new decade. However, as has been the case with earlier budgets, it is bound to fall short of middle class expectations, who will be required to make their choices very prudent so as not to indulge in too much […]
Article analyses Proposed Changes in income tax rates for Individuals & HUF (Section 115BAC) proposed by Budget 2020-21 which will be applicable from Financial Year 2020-21
