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 : Read the full text of the ITAT Pune order in Akshay Devendra Birari Vs DCIT regarding the allowance of benefits under the new inco...
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...
Clarification in respect of option under Section 115BAC of the Income Tax Act, 1961 Income Tax Circular No C1 of 2020 dated 13th April 2020 Finance Minister in her Budget Speech, 2020 had introduced new tax regime with effect from Assessment Year 2021-22, inter alia provides that an Individual or HUF having income other than […]
TDS on Salaries – Employer liability for FY 2020-21 (Updated with Circular issued on 13-04-2020) and Pros & Cons of the New Tax Regime for Individuals Finance Bill, 2020 introduced one of biggest change ever in the Direct Tax History by providing different options of calculation of Income-tax for an Individual or HUF. The Bill […]
CBDT vide Circular No. C1/2020 dated 13.04.2020 has clarified that an employee, having income other than business income can intimate their employer to deduct TDS as per rates u/s 115BAC (Deduction of TDS under New Regime). However once such intimation is given, same cannot be modified later. Circular also provides that option at the time […]
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 deductor shall compute his total income, and make TDS thereon in accordance with the provisions of section 11513AC of the Act. If such intimation is not made by the employee, the employer shall make TDS without considering the provision of section 115BAC of the Act.
When is the New Personal Tax Regime under Section 115BAC Beneficial? An In-depth Break-Even Point Analysis Friends, with the blessings of the Almighty, we will soon battle out and overcome this unfortunate COVID-19 outbreak and the current essential lock-down period will also pass shortly. 1. The new FY 2020-21 corresponding to the AY 2021-22, has […]
Section 115BAC – Concessional tax regime for individual and HUF- applicable also for PROFESSIONAL The Finance Bill, 2020 has proposed concessional tax regime for individual and HUF by inserting Section 115BAC to the Income-tax Act, 1961. This provision provides an option for payment of taxes at the reduced rates. However, the benefit of reduced tax […]
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 […]
