Tag: Know Opt in Opt out standards for salaried and business

Which Slab Rate to Choose FY 2020-21 Old or New? Know Opt in Opt out standards for salaried and business, derivation not permitted section 115BAC

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How to opt for a new tax system according to section 115BAC? The Finance Act 2020, has presented a new section 115BAC, according to this arrangement the assessee has an option whether to pay tax according to new chunk rates or the old piece rates. In the event that the assessee opts for the new tax system, at that point the assessee needs to renounce a portion of the tax concessions under the current income tax act. How to opt for new or old plan under the Income Tax Act?…