115 BAC INCOME TAX

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Section 115BAC, introduced by Budget 2020, offers individuals and Hindu Undivided Families (HUFs) a new optional tax regime. This regime allows assessees to opt for lower income tax rates. It became effective from the Financial Year 2020-21, providing an alternative way to calculate and pay income tax.

TARIQUE RIZVI

TARIQUE RIZVI (Querist)
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09 December 2021 Respected Sir,

What is section 115 BAC ?

Since when it has started coming into effect ?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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09 December 2021 The Budget 2020 introduced a new regime under section 115BAC giving an option to individuals and HUFs to pay income tax at lower rates. From FY 2020-21, the assessee can choose to pay income tax under an optional new tax regime.

TARIQUE RIZVI

TARIQUE RIZVI (Querist)
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09 December 2021 Thanks Raman Sir
Lot of thanks for taking keen interest to solve my queries
Tks with kindest regards

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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10 December 2021 You are welcome.....

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