Opting of New or Old Tax Regime for TDS by Employee

• April 17, 2020
• CA Chandan Agarwal's Office

Clarification in respect of option under Section 115BAC of the Income Tax Act, 1961

Income Tax Circular No C1 of 2020 dated 13^th April 2020

Finance Minister in her Budget Speech, 2020 had introduced new tax regime with effect from Assessment Year 2021-22, inter alia provides that an Individual or HUF having income other than ‘Income from Business or Profession’ may opt for taxation of income as defined under Section 115BAC of the act, wherein, the assessee needs to forego the following benefits i.e., the benefit of following deductions or exemptions while computing the total Income:

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