Finance Act 2023: Section 115BAC Makes New Tax Regime Default; Opt for Old Regime with Form 10-IEA
The Finance Act 2023 amends Section 115BAC, making the new tax regime the default for individuals, HUFs, AOPs (excluding co-operative societies), BOIs, or Artificial Juridical Persons from AY 2024-25. Eligible taxpayers can opt for the old tax regime instead. Non-business taxpayers can select their regime annually in their ITR filed by the due date under Section 139(1). Taxpayers with business or professional income wishing to opt out of the new regime must submit Form 10-IEA by the due date. The new tax regime is default, but opting for the old regime is allowed.
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