New Tax Regime – Section 115BAC of Income Tax Act, 1961

New Tax Regime – Section 115BAC of Income Tax Act, 1961: The Indian government ushered in a new tax regime under Section 115BAC of the Income Tax Act, 1961, through the Union Budget 2020-21. This new tax system offers lower tax rates but reduces the number of deductions and exemptions compared to the old regime. The objective is to simplify the income tax system and make […]