Tag: Section 115BAC
How to opt out from New Tax Regime and choose old tax regime for AY 2024-25. Step by step procedure for option to be exercised u/s 115BAC With effect from Assessment Year 2024-25 (FY 2023-24), the new tax regime under section 115BAC has been made as the default …
Excel Utilities of ITR-1, ITR-2, ITR-4 and ITR-6 & Offline Utilities for ITR-1, ITR-2, ITR-4 and ITR 6 for AY 2024-25 available for filing. CBDT in March 2024 has notified all income tax returns (ITRS) forms ITRs 1 Sahaj ITR-2, 3, ITR 4 Sugam, ITR-5, ITR-6 and ITR-7 …
New Personal Tax Regime made default one. Consequence and precautions to be taken by assessee before filing ITR for AY 2024-25 who wish to follow old tax regime. The Finance Act 2020 had introduced Personal Tax Regime under section 115BAC of the Income Tax Act, 1961 (the Act) …
Excel Calculator to compare Tax under old and new Personal Tax Regime u/s 115BAC for AY 2024-25 (FY 2023-24) This Excel Calculator utility has been made to compare Tax under existing old and new Personal Tax Regime u/s 115BAC. Union Budget 2023-24 has disappointed individual taxpayers who were …
CBDT notifies Form No. 10-IEA for exercise of option to opt out of new tax regime u/s 115BAC or opt for old tax regime w.e.f. AY 2024-25 CBDT has notified the Income-tax (Tenth Amendment) Rules, 2023. Form No. 10-IEA has been notified for exercise of option under sub-section (6) …
TDS under New Personal Tax Regime – Employer to seek information from each employee clarifies CBDT F. No.370142/06/2023-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Division) Circular No. 04 of 2023 Dated: 5th April, 2023 Sub: Clarification regarding deduction …
CBDT amends Depreciation rules and reporting for domestic companies/individuals etc. under new tax regime CBDT has issued Notification No. 82/2020 publishing Income-tax (22nd Amendment) Rules, 2020. Several amendments have been made to various Rules and Forms of the Income Tax Rules, 1962 namely; (i) Rule 5 related to …
Allowances and Perquisites allowable to assessee who exercises option u/s 115BAC under New Tax Regime MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) Notification No. 38/2020 New Delhi, the 26th June, 2020 INCOME-TAX G.S.R. 415(E).—In exercise of the powers conferred by sub-section (2) of section 115BAC read …
Clarification in respect of option u/s 115BAC regarding TDS. Employee to intimate employer his intention for each previous year. CBDT Circular C1 of 2020 Circular C1 of 2020 F. No. 370142/13/2020-TPLGovernment of IndiaMinistry of Finance Department of RevenueCentral Board of Direct Taxes***** New Delhi, April 13, 2020 Clarification …