During the Financial plan 2020 speech, the Account Pastor Nirmala Sitharaman reported the inclusion of a new section called 115BAC into the Income Tax Act in the Association Spending plan 2020. Section 115 BAC, successful from FY 2020-21, manages the new and discretionary income tax regime for people and Hindu Unified Families (HUFs). Let us understand the new piece rates, qualification rules for the new regime and the deductions that are permitted or prohibited under Section 115BAC.

On September 01, 2020 by www.taxexcel.net

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