Taxman sets rules to switch between old, new regimes

• June 24, 2023
• CA Chandan Agarwal's Office

The tax authority has also capped at 40% the depreciation rate applicable for assets of individuals with business income, showed the Income-tax (Tenth Amendment) Rules, 2023.

The Central Board of Direct Taxes (CBDT) has amended its rules in order to implement changes, announced in the FY24 budget, to the new personal income tax regime and to set out the modalities for tax payers who wish to switch between the old and new regimes.

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