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Through this article we take a look at the revised income tax slabs and rates, the applicability of the new tax regime, and the considerations for different income categories. Tax on income of individuals and hindu. Section 115bac income tax act is also known as new tax regime under income tax.
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Understand section 115bac of the income tax act, 1961, and its implications for taxpayers. Here is the complete info Explore the new tax regime, its provisions, exemptions, and deductions, helping.
Understand section 115bac of the income tax act, 1961:
It is amended by finance act 2023. This analysis delves into these. The new tax regime came with lower tax rates but fewer deduction. The finance act of 2020 introduced new tax regime under section 115bac of the indian income tax act.
Meanwhile, section 115bac (1a) introduces an optional new tax regime with lower tax rates but restrictions on exemptions and deductions.
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