Tag: Section 115BAC
New Personal Tax Regime made default one. Consequence and precautions to be taken by assessee who wish to follow old tax regime from AY 2024-25. The Finance Act 2020 had introduced Personal Tax Regime under section 115BAC of the Income Tax Act, 1961 (the Act) w.e.f. Assessment year …
Excel Calculator to compare Tax under existing / old and new Personal Tax Regime u/s 115BAC for AY 2024-25 (FY 2023-24) Excel Calculator to compare Tax under existing and new Personal Tax Regime u/s 115BAC. Union Budget 2023-24 has disappointed individual taxpayers who were expecting tax benefits in …
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 …
