New Taxation Regime for Individual & HUF is introduced by Finance Act,2020. Section 115BAC is applicable to only Individual & HUF for the Assessment Year beginning on or after 01/04/2021 i.e. Financial Year 2020-2021. To opt the scheme the Assessee should comply with 115BAC(2). To Simplify it is compliance is sliced into Heads of Income:
Comparison Between Old VS New Taxation Regime ( How To Choose)
- Income from Salary
- Income from Business & Profession
- Income from House Property
- Income from Capital Gain
- Income from Other Sources
Best taxation regime for you is depend on sources of income,hence separate analysis has been done here for easy understand.
Click here to get detailed understanding of Implication in your Pocket ,which regime you should choose & how much Investment should be done to get maximize tax benefit. Comparison of Old vs new Taxation Regime (2) (1)Comparison of Old vs new Taxation Regime_Income Tax Amendments
You can Check your income tax in both regime here
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