Income Tax : Analysis of Sections 87A and 115BAC(1A) of the Income Tax Act, 1961, detailing their implications for taxpayers, including rebates...
Income Tax : Discover the deductions and exemptions not available under the New Tax Regime (Section 115BAC) of the Income Tax Act, 1961, to mak...
Income Tax : Get answers to FAQs on the new vs. old tax regime for AY 2024-25. Learn about the differences, benefits, and how to choose the bes...
Income Tax : Explore the changes between old and new tax regimes under Sec 115BAC, impacting deductions, exemptions, and filing options. Make i...
Income Tax : Understand Section 115BAC(6) and opting out from the New Tax Regime (NTR). Learn about exercising options, withdrawal, and eligibi...
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 : ITAT Patna held that as assessee duly complied with the requirement of maintaining the records of the donors in the form of their ...
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...
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, […]
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 Individuals /HUFs. […]
Analysis of sections providing concessional rate of tax (section 115BAA/ 115BAC/115BAD) The finance act 2019 introduced a new section 115BAA for domestic companies, which provides option to pay tax at concessional rate of 22% (Plus surcharge and Educational Cess). Further in line with the option provided to domestic companies, similar option is provided to Individuals/ […]
Confused about the new income tax regime? Find out whether to opt for the old or new scheme and understand the tax slabs and 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 […]
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 […]
