Finance Minister Nirmala Sitharaman declared the incorporation of a new section in the Union Budget 2020, known as 115BAC, in the Income Tax Act. Second 115 BAC, successful from FY 2020-21, identifies with the new and discretionary income tax framework for people and Hindu Undivided Families (HUFs).
Let us comprehend the new slab rate, the qualification measures for the new system and the concessions permitted or dismissed under section 115 BAC. Moreover, we will contrast the two System with assistance you pick the more proper one.
Section 115 BAC is a newly embedded section in the Income Tax Act, 1961 which ensures the new income tax discipline. This section and the elective tax discipline were presented in the Union Budget 2020 and are pertinent to people and Hindu Undivided Families (HUFs). A vital component of this new system is that the rate of income tax slabs has been essentially diminished. Nonetheless, the new rates come at the expense of different fundamental income tax exceptions and discounts, which are as of now accessible under the old (existing) income tax regime. The accompanying table shows the new slab rate as per section 115BAC.
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