WebFeb 24, 2024 · Introduction. Section 115BAC is a new section introduced by the Finance Act 2024. It provides an option to taxpayers to choose between two tax regimes – the existing tax regime and the new tax regime. The new tax regime comes with lower tax rates but also eliminates certain deductions and exemptions that are available under the existing regime. WebIn ITR-2 of AY 2024-22, you can choose to opt for the new tax regime under section 115BAC. Please note that option for selecting new tax regime u/s 115BAC will be available only till the due date of filing of return u/s 139(1). 4. What documents do I need to file ITR-2? If you have salary income, you need Form 16 issued by your employer.
BBAC - What does BBAC stand for? The Free Dictionary
WebThe 2024 Budget proposes a new system that allows individuals and Hindu Undivided Family taxpayers to pay taxes at reduced rates under Section 115BAC of the Income Tax Act. The new approach applies to income received from … WebJul 4, 2024 · Features of Section 115BAC of Income Tax Act. This Section takes away the deductions that can be availed in the old tax regime. The major feature of this Section is that it is optional and a person can still opt for the old tax scheme and switch between the two. It does not apply to business income. auto detailing hamilton nj
Section 115BAC of Income Tax Act, 1961 - iPleaders
WebApr 14, 2024 · Attachment. 1) Excel File Containing. Illustrations of Taxability of Income u/s-115BAC in Comparison with Taxability under Normal Provisions of the Income Tax Act, 1961 under Different Scenario's with Different Parameters which might help the Assessee's in Selecting Option. Disclaimer: The aforesaid article presents the view of an independent ... WebApr 7, 2024 · New Tax Slab Rates u/s 115BAC. Under section 115BAC, new tax slabs have been introduced with existing rates which are slashed on income up to INR 15 Lakh. The tax slab rates as per the New Income Tax Regime eligible up to AY 2024-24 are as follows: Income Range. Rates as per New Tax Regime. Up to INR 2,50,000. WebMar 20, 2024 · Answer is Finance Act 2024. Through Finance Act 2024, the Government has given an option to Individual and HUF taxpayers to pay tax using existing tax regime or they can alternatively choose new rates defined in section 115BAC of the Income Tax Act. New tax rates as per section 115BAC are given below: Sl. No. Total income. gazdálkodás és menedzsment ponthatár