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P. 103
CA. Rajesh Mehta, (
New Regime of Taxation - Section 115BAC:Analysis, & 7
Comparison and Important Points
, +) . ( ! / + R 1 < + =$=$ . ?
! & " " % ? ! " < + =$=- 1 &&
1 . + ! T =$= ;=,
1 & " . , +) . + ' && . ! +T =$= ;=,* & "
1 / % ! 1 . / % ! 8 <
% & 1 & % B % =$=-
The relevant Extract of Budget Speech 2023 is as under:
“We are also making the new income tax regime as the default tax regime. However, citizens
will continue to have the option to avail the benefit of the old tax regime”
) . ! / & %! . . ! ! / " %
/ !& ! . = , 0 1 /& '% / & ! . , 0
1 . I # +* 1 % ! ! @ . I / !& 8 +
( % & . . & & & ) & 5(;+ %
#$) #$A #$4 #$ + 1 !! . 'the Old Regime' 7 1 1
. , +) / !& ? / % ? 1
& , +)' +* % /& % ! ! @ .
I / !& . ! ! . / 1 1 4 /
& " % ! & 0 '1 . +T =$= ;=,* &
& " . , +) . + 1 !! . 'the New Regime' I A
% & " . , +) 'C 1 % ! C* !& 1
& " 'C E ! C* G
1. Applicability of the New Regime - Section 115BAC:
7 . +T=$= ;=, 1 % ! . / & " , +) . + THE
DEFAULT TAX REGIME 1 && . 1 % & G
* ( "
* 8B<
* +E ' & " *
* . ( " '1 & *
* + ? @ & ? I ='- *'" *
Partnership firms (including LLP), Companies, Cooperative Societies are not covered under
Section 115BAC.
Upto AY 2023-24: E ( " 8B< & . 1 / % ! I , +)
2. Fundamental amendmentvide Finance Act, 2023 making new tax regime as Default Tax Regime
– What does it means and what are the implications of making New Regime as Default?
Upto AY 2023-24G
a) Optional . & . / I , +)
* E& / ? % Form 10-IE' . & " % ! . !
& . *1 I - ' * . +
* E& 1 ? % . ! I - ' * . + ' . &
" % ! . ! & . *
* (. E& / 3 . ! ? E !
* +&& ( " 8B<
97