WebTax on income of individuals and Hindu undivided family. 115BAC. (1) Notwithstanding anything contained in this Act but subject to the provisions of this Chapter, the income … WebFeb 13, 2024 · The Finance Minister Smt. Nirmala Sitharaman has presented her 2 nd Budget on 1 st February, 2024.A new optional personal tax scheme has been proposed vide a newly inserted section i.e., 115BAC for the Individuals and HUF. From the assessment year 2024-22 (FY 2024-21), individual and HUF tax payers have an option to opt for taxation …
Section 115BAC: 2024 Guide On Section 115BAC Of Income Tax …
WebSection 115BAC (1) of Income Tax Act. Notwithstanding anything contained in this Act but subject to the provisions of this Chapter, the income-tax payable in respect of the total income of a person, being an individual or a Hindu undivided family, for any previous year relevant to the assessment year beginning on or after the 1st day of April ... The Budget 2024 introduces a new regime under section 115BAC giving individuals and HUFtaxpayers an option to pay income tax at lower rates. The new system is applicable for income earned from 1 April 2024 (FY 2024-21), which relates to AY 2024-22. See more In Budget 2024, the income tax slabsunder the new tax regime have been recalibrated. The new tax slabs under the new tax regime for FY 2024-24 (AY 2024-25) … See more The following are some of the major deductions and exemptions you cannot claim under the new tax system: 1. The standard deduction under Section 80TTA/80TTB … See more You can claim tax exemption for: 1. Transport allowancesin case of a specially-abled person. 2. Conveyance allowance received to meet the conveyance expenditure … See more A salaried taxpayercan choose the new tax regime at the beginning of FY 2024-24 and intimate their employer. The employee cannot change their choice … See more dhok koon thai fairy meadow
Section 115BAC - Understanding the New Tax Regime - Learn by Quicko
WebSection 115BAC of the Income Tax Act was effective from FY 2024-21, and it deals with a new and optional income tax regime for HUFs and individuals. The new system is applicable for income earned from 1st April 2024 (FY 2024-21). This relates to AY 2024-22. A key feature of the new regime is that there has been a significant reduction in the ... WebDec 2, 2024 · The Budget 2024 introduced section 115BAC in the Income Tax Act, 1961. The section is applicable for income earned for the periods starting from 01.04.2024 i.e. from … dhokha watch online