Tag: Section 115BAC

The issue has been arisen because of the proviso added by Finance Act, 2023 which states that wherein total income ...

Thus, a person could earn around 770000 under new tax regime and could end up paying only Rs.20800 in tax ...

Although, new tax regime is the default tax regime, tax payers can choose the tax regime that they think is ...

As per sub section 2 of section 115BAC of the Act the following deduction shall not be available in relation ...

Section 115BAC deals with lower/ concessional tax rates for individual, HUF etc. rather than the tax rates prescribed for individual ...

As announced in during the presentation of Budget, 2023, the new regime of tax under section 115BAC shall be the ...

No amendment has been proposed in the old Tax regime for Individual and HUF but amendments have been only proposed ...

The utilization of corpus, loans or borrowings by a charitable or religious trust prior to 01-04-2021 will not be considered ...

Considering the above standard deduction and new tax slabs it was mentioned in the Parliament that a salaried employee will ...

Now, when a question was asked to a representative from Income tax department that by which circular/ notification are people ...

Section 115BAC is made applicable from FY 2020-21 i.e. AY 2021-22 which is the current financial year and all employees ...