WebApr 30, 2024 · Section 115BAC of Income Tax Act: Know the deductions and exemptions allowed, tax slabs, features and benefits of the New Tax Regime. From FY 2024-21, you can choose to pay Income Tax under an optional New Tax Regime. The new tax regime is … Individuals or HUFs with business or profession income must submit Form … Find out HUF meaning, how to save Income tax by forming a HUF, how to open a HUF … WebThe new section 115BAC was inserted in the budget 2024 by the tax department to introduce an original concept of the tax regime. This states that from the financial year 2024-2024 (the assessment year 2024-22) an individual and Hindu Undivided Family will have the option to choose between the old and new tax regime.
Detailed analysis of Section 115BAC as amended by …
Web1 day ago · Salient Features of New Tax Regime The introduction of the new tax regime was made vide Finance Act, 2024 applicable from 1st April 2024 under section 115BAC for individual and Hindu Undivided Family (HUF). The compulsory requirement of foregoing specified deductions for opting for the new regime has somewhat, made the said new … WebApr 13, 2024 · Sub: Clarification regarding deduction of TDS under section 192 read with sub-section (1A) of section 115BAC of the Income-tax Act, 1961 – reg. Vide Finance Act, 2024, sub-section (1A) has been inserted in section 115BAC of the Income-tax Act, 1961 ( the Act) to provide for a new tax regime with effect from the assessment year beginning … cincinnati bengals mouse pad
Section 115BAC of the Income Tax Act: What you should know …
WebApr 5, 2024 · The tax rates under the New Tax Regime as per the section 115BAC till A.Y 2024-24 are as under:-Total Income (Rs) Rate: Up to 2,50,000: Nil: From 2,50,001 to 5,00,000: 5%: ... As per Section 139 (1) of the Income Tax Act, 1961, income tax return filing is mandatory for a certain class of people WebFeb 1, 2024 · 20%. Income above Rs. 15 Lkahs. 30%. The Finance Bill 2024 (26 of 2024) has inserted new sections namely section 115BAC to introduce the new Scheme of Taxation on income of Individuals and HUFs. The Budget 2024-24 proposes to make the New Tax Regime u/s 115BAC as the default one. However the taxpayers shall have an optional to … WebMar 24, 2024 · The new tax regime introduced in budget of 2024 under section 115BAC shall be applicable as follows: Effective from AY 21-22 i.e. FY 20-21 The section covers Individual/HUF Both residents and non-residents are covered No special slabs are mentioned for senior /super senior citizens Rates Applicable under the New Tax Regime cincinnati bengals mike brown kids