{"id":106507,"date":"2022-02-28T09:56:42","date_gmt":"2022-02-28T04:26:42","guid":{"rendered":"https:\/\/legalwindow.in\/?p=106507"},"modified":"2022-02-28T10:34:13","modified_gmt":"2022-02-28T05:04:13","slug":"new-scheme-of-taxation-under-section-115bac-of-income-tax-act-1961","status":"publish","type":"post","link":"https:\/\/www.legalwindow.in\/blog\/new-scheme-of-taxation-under-section-115bac-of-income-tax-act-1961\/","title":{"rendered":"New Scheme of Taxation under Section 115BAC of Income Tax Act, 1961"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-106511 size-full\" title=\"New Scheme of Taxation under Section 115BAC of Income Tax Act 1961\" src=\"https:\/\/legalwindow.in\/wp-content\/uploads\/New-Scheme-of-Taxation-under-Section-115BAC-of-Income-Tax-Act-1961.png\" alt=\"New Scheme of Taxation under Section 115BAC of Income Tax Act 1961\" width=\"1200\" height=\"630\" srcset=\"https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/New-Scheme-of-Taxation-under-Section-115BAC-of-Income-Tax-Act-1961.png 1200w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/New-Scheme-of-Taxation-under-Section-115BAC-of-Income-Tax-Act-1961-600x315.png 600w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/New-Scheme-of-Taxation-under-Section-115BAC-of-Income-Tax-Act-1961-300x158.png 300w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/New-Scheme-of-Taxation-under-Section-115BAC-of-Income-Tax-Act-1961-1024x538.png 1024w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/New-Scheme-of-Taxation-under-Section-115BAC-of-Income-Tax-Act-1961-768x403.png 768w\" sizes=\"auto, (max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">A new tax planning comes into force by inserting a new section in <\/span><span style=\"font-weight: 400;\">Income Tax Act, 1961<\/span><span style=\"font-weight: 400;\">, which is known as Section 115BAC of Income Tax Act, 1961. The main characteristic of this new tax system issued by the <\/span><span style=\"font-weight: 400;\">Income Tax Department<\/span><span style=\"font-weight: 400;\"> is that it has lower tax rates than existing slab rates, but the assessee must sacrifice about 70 exemptions and deductions that are currently accessible. In this article will discuss about <\/span><span style=\"font-weight: 400;\">New Scheme of Taxation U\/S 115BAC of Income Tax Act 1961 in detail.<\/span><\/p>\n<table style=\"width: 100%;\">\n<tbody>\n<tr>\n<td style=\"border: 1px solid #555;\"><b>Table of content<\/b><\/p>\n<ul>\n<li><a href=\"#Applicability\">Applicability of Section 115BAC of Income Tax Act 1961<\/a><\/li>\n<li><a href=\"#Comparison\">Comparison of Old and New Tax Regime under Section 115BAC of Income Tax Act 1961<\/a><\/li>\n<li><a href=\"#Existing\">Existing Tax Slabs<\/a><\/li>\n<li><a href=\"#Exemptions\">Exemptions and Deductions From Section 115BAC.<\/a><\/li>\n<li><a href=\"#Advantages\">Advantages of New Tax Regimes<\/a><\/li>\n<li><a href=\"#Takeaway\">Takeaway<\/a><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2 id=\"Applicability\"><b>Applicability of Section 115BAC of Income Tax Act 1961<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">This approach will be implemented in the beginning along with Assessment Year 2021-22. Individuals are affected by it. HUFs Both residents and non-residents are welcome. The scheme is, however, optional, and the assessee might continue to use his or her current taxes system. Switching from one scheme to another is permitted under specific conditions, which will be explained later.<\/span><\/p>\n<h2 id=\"Comparison\"><b>Comparison of Old and New Tax Regime under Section 115BAC of Income Tax Act 1961<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Let&#8217;s look at how the new tax slabs compare to the old tax slabs:<\/span><\/p>\n<table>\n<tbody>\n<tr>\n<td style=\"border: 1px solid #555;\" colspan=\"2\"><b>Old Tax Slabs<\/b><\/td>\n<td style=\"border: 1px solid #555;\" colspan=\"2\"><b>New Tax Slabs<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><b>Income in Rupees<\/b><\/td>\n<td style=\"border: 1px solid #555;\"><b>Tax %<\/b><\/td>\n<td style=\"border: 1px solid #555;\"><b>Income in Rupees<\/b><\/td>\n<td style=\"border: 1px solid #555;\"><b>Tax %<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\" rowspan=\"2\">\n<ul>\n<li aria-level=\"1\"><b>2,50,000-5,00,000<\/b><\/li>\n<\/ul>\n<\/td>\n<td style=\"border: 1px solid #555;\" rowspan=\"2\"><b>5%<\/b><\/td>\n<td style=\"border: 1px solid #555;\">\n<ul>\n<li aria-level=\"1\"><b>2,50,000-5,00,000<\/b><\/li>\n<\/ul>\n<\/td>\n<td style=\"border: 1px solid #555;\"><b>5%<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\">\n<ul>\n<li aria-level=\"1\"><b>5,00,001-7,50,000<\/b><\/li>\n<\/ul>\n<\/td>\n<td style=\"border: 1px solid #555;\"><b>10%<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\" rowspan=\"2\">\n<ul>\n<li aria-level=\"1\"><b>5,00,001-10,00,000<\/b><\/li>\n<\/ul>\n<\/td>\n<td style=\"border: 1px solid #555;\" rowspan=\"2\"><b>20%<\/b><\/td>\n<td style=\"border: 1px solid #555;\">\n<ul>\n<li aria-level=\"1\"><b>7,50,001-10,00,000<\/b><\/li>\n<\/ul>\n<\/td>\n<td style=\"border: 1px solid #555;\"><b>15%<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\">\n<ul>\n<li aria-level=\"1\"><b>10,00,001-12,50,000<\/b><\/li>\n<\/ul>\n<\/td>\n<td style=\"border: 1px solid #555;\"><b>20%<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\">\n<ul>\n<li aria-level=\"1\"><b>10,00,001 and above<\/b><\/li>\n<\/ul>\n<\/td>\n<td style=\"border: 1px solid #555;\"><b>30%<\/b><\/td>\n<td style=\"border: 1px solid #555;\">\n<ul>\n<li aria-level=\"1\"><b>12,50,001-15,00,000<\/b><\/li>\n<\/ul>\n<\/td>\n<td style=\"border: 1px solid #555;\"><b>25%<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><\/td>\n<td style=\"border: 1px solid #555;\"><\/td>\n<td style=\"border: 1px solid #555;\">\n<ul>\n<li aria-level=\"1\"><b>15,00,001 and above<\/b><\/li>\n<\/ul>\n<\/td>\n<td style=\"border: 1px solid #555;\"><b>30%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2 id=\"Existing\"><b>Existing Tax Slabs<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Let&#8217;s see how the new tax slabs stack up against the previous ones:<\/span><\/p>\n<table>\n<tbody>\n<tr>\n<td style=\"border: 1px solid #555;\" colspan=\"2\"><b>New Tax Slabs<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><b>Income in Rupees<\/b><\/td>\n<td style=\"border: 1px solid #555;\"><b>Tax %<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\">\n<ul>\n<li aria-level=\"1\"><b>2,50,000-5,00,000<\/b><\/li>\n<\/ul>\n<\/td>\n<td style=\"border: 1px solid #555;\"><b>5%<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\">\n<ul>\n<li aria-level=\"1\"><b>5,00,001-7,50,000<\/b><\/li>\n<\/ul>\n<\/td>\n<td style=\"border: 1px solid #555;\"><b>10%<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\">\n<ul>\n<li aria-level=\"1\"><b>7,50,001-10,00,000<\/b><\/li>\n<\/ul>\n<\/td>\n<td style=\"border: 1px solid #555;\"><b>15%<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\">\n<ul>\n<li aria-level=\"1\"><b>10,00,001-12,50,000<\/b><\/li>\n<\/ul>\n<\/td>\n<td style=\"border: 1px solid #555;\"><b>20%<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\">\n<ul>\n<li aria-level=\"1\"><b>12,50,001-15,00,000<\/b><\/li>\n<\/ul>\n<\/td>\n<td style=\"border: 1px solid #555;\"><b>25%<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\">\n<ul>\n<li aria-level=\"1\"><b>15,00,001 and above<\/b><\/li>\n<\/ul>\n<\/td>\n<td style=\"border: 1px solid #555;\"><b>30%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"font-weight: 400;\">It is important to note that the old slab rate of Rs. 3, 00,000\/ Rs. Moreover, 3,50,000 enjoyed by Senior Citizens\/Super Senior Citizens will no longer be available to them if they choose this new tax regime. However, the Rebate under Section 87A, the Surcharge, the Education Cess, and the Special Rates of Chapter XII will be the same in the new tax regime as they are now.<\/span><\/p>\n<h2 id=\"Exemptions\"><b>Exemptions and Deductions from Section 115BAC<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The following are the exemptions and deduction from Section 115 BAC :<\/span><\/p>\n<ul>\n<li><b>Heading of Salary: <\/b>If the assessee elects Section 115BAC, the entire income is estimated without any exemptions or deductions under the following provisions:\n<ul>\n<li><span style=\"font-weight: 400;\">[Leave Travel Concession] Sec. 10(5)<\/span><\/li>\n<li><span style=\"font-weight: 400;\">[House Rent Allowance] Sec. 10(13A).<\/span><\/li>\n<li><span style=\"font-weight: 400;\">[Special allowances except for the following prescribed items] Sec. 10(14).<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Divyang Employee\u00a0is eligible for a transportation allowance.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Further, Allowance for Conveyance is also on the list.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Moreover, any stipend to help with travel or transfer costs is also present.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Further, Allowance to cover the employee&#8217;s ordinary everyday expenses is also present.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">[Allowances to MPs or MLAs] Sec. 10(17).<\/span><\/li>\n<\/ul>\n<\/li>\n<li aria-level=\"1\"><b>Heading of House Property: <\/b>If the assessee chooses Sec 115BAC, the entire income of the individual or HUF is calculated without any exemptions or deductions under the following provisions:\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Section 24(b) [Interest on borrowings for self-occupied real estate].<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Losses from residential property can be offset against income from residential property. It cannot, however, be deducted from any other source of income.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u00a0A 30 percent deduction and the payment of municipal taxes are allowed when calculating income from house property. Interest on borrowed capital, on the other hand, is not deductible.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul>\n<li aria-level=\"1\"><b>Heading of Profits and Gains from Business and profession: <\/b>If the assessee chooses Sec 115BAC, the entire income of the individual or HUF is calculated without any exemptions or deductions under the following provisions:\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Section 32(1)(iia) [Additional depreciation]\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Section 32AD [New plant or machinery investment in identified backward areas] Section 33AB [Development account for tea, coffee, and rubber]<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Section 35(1) (ii)\/(iia)\/(iii) or Section 35(2AA) [Specific payments to research associations, universities, colleges, national laboratories, and other organisations].<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">[Investment connected deduction] Section 35AD<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Sec 35CCC [Agricultural Extension Project Expenditure]<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">[Deduction from family pension] Section 57(iia)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Any brought forward loss from Assessment Years 2020-21 and earlier that is due to 32AD, 33AB, 35(1)(ii)\/(iia)\/(iii), 35(2AA), 35AD, 35CCC will not be carried forward and set-off.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">This will also expire, as will Unabsorbed Depreciation due to Additional Depreciation.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3><b>Deductions as per Chapter VI A<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">If the assessee chooses Sec 115BAC, the individual&#8217;s or HUF&#8217;s total income is determined without any deductions under the following provisions:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Section 80CCD (2) [Employer&#8217;s payment to Pension Fund].<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Further, 80JJAA Section [Additional employee cost deduction] is also finds its place in the list.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Furthermore, Section 80LA [in the case of an IFSC-located unit that meets the standards set forth therein].<\/span><\/li>\n<\/ul>\n<h2 id=\"Advantages\"><b>Advantages of New Tax Regimes<\/b><\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Tax rates are high under the existing tax system, however there are numerous strategies to lower tax liability. Over 70 exemptions and deductions are available to taxpayers, allowing them to reduce their taxable income and hence pay less tax.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Further, the new tax regime includes more slabs and lower taxes, but there are few alternatives to decrease taxes, such as claiming deductions and exemptions, because the taxpayer must forego over 70 deductions and exemptions.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">If taxpayers want to pick the new tax system, they should compare the two and choose the one that is more beneficial to them in terms of tax savings. Both tax experts and taxpayers may find it inconvenient and time-consuming.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Moreover, nowadays most <\/span><span style=\"font-weight: 400;\">returns<\/span><span style=\"font-weight: 400;\"> are filed using software that calculates taxes for both regimes automatically.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Further, Individual taxpayers can utilise the income tax department&#8217;s tax comparison tool, which is available on their web page, to determine which choice is best for them.<\/span><\/li>\n<\/ul>\n<h2><a href=\"https:\/\/legalwindow.in\/itr-filing-for-company\/\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-106513 size-full\" title=\" ITR Filing for Company Starting from \u20b9 4000\/\" src=\"https:\/\/legalwindow.in\/wp-content\/uploads\/ITR-Filing-for-Company-Starting-from-\u20b9-4000-.png\" alt=\" ITR Filing for Company Starting from \u20b9 4000\/\" width=\"1000\" height=\"200\" srcset=\"https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/ITR-Filing-for-Company-Starting-from-\u20b9-4000-.png 1000w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/ITR-Filing-for-Company-Starting-from-\u20b9-4000--600x120.png 600w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/ITR-Filing-for-Company-Starting-from-\u20b9-4000--300x60.png 300w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/ITR-Filing-for-Company-Starting-from-\u20b9-4000--768x154.png 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/a><\/h2>\n<h2 id=\"Takeaway\"><b>Takeaway<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">According to the new Section 115BAC of the Income-tax Act, 1961, a person who is an individual or an undivided <a href=\"https:\/\/www.incometaxindia.gov.in\/pages\/i-am\/huf.aspx\" target=\"_blank\" rel=\"noopener\">Hindu family (HUF)<\/a> with income other than income from profession or business may exercise the option to be taxed under Section 115 BAC for a previous year along with his or her return of income to be filed under Section 139(1) of the Income-tax Act for each year.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The notification by the CBDT removes any misunderstanding regarding the employer&#8217;s responsibility in applying the new tax regime while computing TDS on salary.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Employees will be less inconvenienced and will be able to obtain refunds of excess taxes withheld as a result of the communication (if any). As a result, if employees notify their employer that they want to switch to a different tax rate, the employer must deduct <\/span><a href=\"https:\/\/legalwindow.in\/tds-returns\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">TDS<\/span><\/a><span style=\"font-weight: 400;\"> at the new rate.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For more information about this topic, kindly contact to our <\/span><span style=\"font-weight: 400;\">experts<\/span><span style=\"font-weight: 400;\">.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A new tax planning comes into force by inserting a new section in Income Tax Act, 1961, which is known as Section 115BAC of Income Tax Act, 1961.&hellip;<\/p>\n","protected":false},"author":4,"featured_media":106509,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[32],"tags":[],"class_list":["post-106507","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>New Scheme of Taxation under Section 115BAC of Income Tax Act 1961<\/title>\n<meta name=\"description\" content=\"Latest Guide on New Scheme of Taxation under Section 115BAC of Income Tax Act 1961. Applicability, Comparison, Advantages of New Tax Regimes.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.legalwindow.in\/blog\/new-scheme-of-taxation-under-section-115bac-of-income-tax-act-1961\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New Scheme of Taxation under Section 115BAC of Income Tax Act 1961\" \/>\n<meta property=\"og:description\" content=\"Latest Guide on New Scheme of Taxation under Section 115BAC of Income Tax Act 1961. Applicability, Comparison, Advantages of New Tax Regimes.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.legalwindow.in\/blog\/new-scheme-of-taxation-under-section-115bac-of-income-tax-act-1961\/\" \/>\n<meta property=\"og:site_name\" content=\"Legal Window\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/legalwindow.in\/\" \/>\n<meta property=\"article:published_time\" content=\"2022-02-28T04:26:42+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-02-28T05:04:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/New-Scheme-of-Taxation-under-Section-115BAC-of-Income-Tax-Act-1961.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"CS Garima Kothari (B.COM, MBA)\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"CS Garima Kothari (B.COM, MBA)\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.legalwindow.in\\\/blog\\\/new-scheme-of-taxation-under-section-115bac-of-income-tax-act-1961\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.legalwindow.in\\\/blog\\\/new-scheme-of-taxation-under-section-115bac-of-income-tax-act-1961\\\/\"},\"author\":{\"name\":\"CS Garima Kothari (B.COM, MBA)\",\"@id\":\"https:\\\/\\\/www.legalwindow.in\\\/blog\\\/#\\\/schema\\\/person\\\/a7d792fb3d624b37c80fc19d03e265e4\"},\"headline\":\"New Scheme of Taxation under Section 115BAC of Income Tax Act, 1961\",\"datePublished\":\"2022-02-28T04:26:42+00:00\",\"dateModified\":\"2022-02-28T05:04:13+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.legalwindow.in\\\/blog\\\/new-scheme-of-taxation-under-section-115bac-of-income-tax-act-1961\\\/\"},\"wordCount\":1063,\"publisher\":{\"@id\":\"https:\\\/\\\/www.legalwindow.in\\\/blog\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.legalwindow.in\\\/blog\\\/new-scheme-of-taxation-under-section-115bac-of-income-tax-act-1961\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.legalwindow.in\\\/blog\\\/wp-content\\\/uploads\\\/New-Scheme-of-Taxation-under-Section-115BAC-of-Income-Tax-Act-1961-1.png\",\"articleSection\":[\"Latest News\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.legalwindow.in\\\/blog\\\/new-scheme-of-taxation-under-section-115bac-of-income-tax-act-1961\\\/\",\"url\":\"https:\\\/\\\/www.legalwindow.in\\\/blog\\\/new-scheme-of-taxation-under-section-115bac-of-income-tax-act-1961\\\/\",\"name\":\"New Scheme of Taxation under Section 115BAC of Income Tax Act 1961\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.legalwindow.in\\\/blog\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.legalwindow.in\\\/blog\\\/new-scheme-of-taxation-under-section-115bac-of-income-tax-act-1961\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.legalwindow.in\\\/blog\\\/new-scheme-of-taxation-under-section-115bac-of-income-tax-act-1961\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.legalwindow.in\\\/blog\\\/wp-content\\\/uploads\\\/New-Scheme-of-Taxation-under-Section-115BAC-of-Income-Tax-Act-1961-1.png\",\"datePublished\":\"2022-02-28T04:26:42+00:00\",\"dateModified\":\"2022-02-28T05:04:13+00:00\",\"description\":\"Latest Guide on New Scheme of Taxation under Section 115BAC of Income Tax Act 1961. Applicability, Comparison, Advantages of New Tax Regimes.\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.legalwindow.in\\\/blog\\\/new-scheme-of-taxation-under-section-115bac-of-income-tax-act-1961\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.legalwindow.in\\\/blog\\\/new-scheme-of-taxation-under-section-115bac-of-income-tax-act-1961\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.legalwindow.in\\\/blog\\\/new-scheme-of-taxation-under-section-115bac-of-income-tax-act-1961\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.legalwindow.in\\\/blog\\\/wp-content\\\/uploads\\\/New-Scheme-of-Taxation-under-Section-115BAC-of-Income-Tax-Act-1961-1.png\",\"contentUrl\":\"https:\\\/\\\/www.legalwindow.in\\\/blog\\\/wp-content\\\/uploads\\\/New-Scheme-of-Taxation-under-Section-115BAC-of-Income-Tax-Act-1961-1.png\",\"width\":800,\"height\":800},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.legalwindow.in\\\/blog\\\/new-scheme-of-taxation-under-section-115bac-of-income-tax-act-1961\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.legalwindow.in\\\/blog\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"New Scheme of Taxation under Section 115BAC of Income Tax Act, 1961\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.legalwindow.in\\\/blog\\\/#website\",\"url\":\"https:\\\/\\\/www.legalwindow.in\\\/blog\\\/\",\"name\":\"Legal Window\",\"description\":\"Legal Solution Provider\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.legalwindow.in\\\/blog\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.legalwindow.in\\\/blog\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/www.legalwindow.in\\\/blog\\\/#organization\",\"name\":\"LegalWindow\",\"url\":\"https:\\\/\\\/www.legalwindow.in\\\/blog\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.legalwindow.in\\\/blog\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/legalwindow.in\\\/blog\\\/wp-content\\\/uploads\\\/LW-Logo-2.png\",\"contentUrl\":\"https:\\\/\\\/legalwindow.in\\\/blog\\\/wp-content\\\/uploads\\\/LW-Logo-2.png\",\"width\":1245,\"height\":357,\"caption\":\"LegalWindow\"},\"image\":{\"@id\":\"https:\\\/\\\/www.legalwindow.in\\\/blog\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/www.facebook.com\\\/legalwindow.in\\\/\",\"https:\\\/\\\/www.instagram.com\\\/legalwindow.in\\\/\",\"https:\\\/\\\/www.linkedin.com\\\/company\\\/legal-window\\\/\",\"https:\\\/\\\/in.pinterest.com\\\/legalwindow\\\/\",\"https:\\\/\\\/www.youtube.com\\\/channel\\\/UCFtHKxaXtK4WjOe9UytbX9A\"]},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.legalwindow.in\\\/blog\\\/#\\\/schema\\\/person\\\/a7d792fb3d624b37c80fc19d03e265e4\",\"name\":\"CS Garima Kothari (B.COM, MBA)\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/8ccdb3bf3b37225ebe071d711de1b7d46784a1394377d0eee0b130d81bd2d180?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/8ccdb3bf3b37225ebe071d711de1b7d46784a1394377d0eee0b130d81bd2d180?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/8ccdb3bf3b37225ebe071d711de1b7d46784a1394377d0eee0b130d81bd2d180?s=96&d=mm&r=g\",\"caption\":\"CS Garima Kothari (B.COM, MBA)\"},\"description\":\"Company Secretary and diligent learner deeply immersed in the world of corporate law, compliance, and governance with a focus on developing a robust foundation in legal principles and corporate practices. Passionate about exploring the intricacies of company law, regulatory compliance, and corporate governance.\",\"sameAs\":[\"https:\\\/\\\/legalwindow.in\"],\"url\":\"https:\\\/\\\/www.legalwindow.in\\\/blog\\\/author\\\/capulkitgoyal\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"New Scheme of Taxation under Section 115BAC of Income Tax Act 1961","description":"Latest Guide on New Scheme of Taxation under Section 115BAC of Income Tax Act 1961. Applicability, Comparison, Advantages of New Tax Regimes.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.legalwindow.in\/blog\/new-scheme-of-taxation-under-section-115bac-of-income-tax-act-1961\/","og_locale":"en_US","og_type":"article","og_title":"New Scheme of Taxation under Section 115BAC of Income Tax Act 1961","og_description":"Latest Guide on New Scheme of Taxation under Section 115BAC of Income Tax Act 1961. Applicability, Comparison, Advantages of New Tax Regimes.","og_url":"https:\/\/www.legalwindow.in\/blog\/new-scheme-of-taxation-under-section-115bac-of-income-tax-act-1961\/","og_site_name":"Legal Window","article_publisher":"https:\/\/www.facebook.com\/legalwindow.in\/","article_published_time":"2022-02-28T04:26:42+00:00","article_modified_time":"2022-02-28T05:04:13+00:00","og_image":[{"width":1200,"height":630,"url":"https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/New-Scheme-of-Taxation-under-Section-115BAC-of-Income-Tax-Act-1961.png","type":"image\/png"}],"author":"CS Garima Kothari (B.COM, MBA)","twitter_card":"summary_large_image","twitter_misc":{"Written by":"CS Garima Kothari (B.COM, MBA)","Est. reading time":"6 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.legalwindow.in\/blog\/new-scheme-of-taxation-under-section-115bac-of-income-tax-act-1961\/#article","isPartOf":{"@id":"https:\/\/www.legalwindow.in\/blog\/new-scheme-of-taxation-under-section-115bac-of-income-tax-act-1961\/"},"author":{"name":"CS Garima Kothari (B.COM, MBA)","@id":"https:\/\/www.legalwindow.in\/blog\/#\/schema\/person\/a7d792fb3d624b37c80fc19d03e265e4"},"headline":"New Scheme of Taxation under Section 115BAC of Income Tax Act, 1961","datePublished":"2022-02-28T04:26:42+00:00","dateModified":"2022-02-28T05:04:13+00:00","mainEntityOfPage":{"@id":"https:\/\/www.legalwindow.in\/blog\/new-scheme-of-taxation-under-section-115bac-of-income-tax-act-1961\/"},"wordCount":1063,"publisher":{"@id":"https:\/\/www.legalwindow.in\/blog\/#organization"},"image":{"@id":"https:\/\/www.legalwindow.in\/blog\/new-scheme-of-taxation-under-section-115bac-of-income-tax-act-1961\/#primaryimage"},"thumbnailUrl":"https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/New-Scheme-of-Taxation-under-Section-115BAC-of-Income-Tax-Act-1961-1.png","articleSection":["Latest News"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.legalwindow.in\/blog\/new-scheme-of-taxation-under-section-115bac-of-income-tax-act-1961\/","url":"https:\/\/www.legalwindow.in\/blog\/new-scheme-of-taxation-under-section-115bac-of-income-tax-act-1961\/","name":"New Scheme of Taxation under Section 115BAC of Income Tax Act 1961","isPartOf":{"@id":"https:\/\/www.legalwindow.in\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.legalwindow.in\/blog\/new-scheme-of-taxation-under-section-115bac-of-income-tax-act-1961\/#primaryimage"},"image":{"@id":"https:\/\/www.legalwindow.in\/blog\/new-scheme-of-taxation-under-section-115bac-of-income-tax-act-1961\/#primaryimage"},"thumbnailUrl":"https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/New-Scheme-of-Taxation-under-Section-115BAC-of-Income-Tax-Act-1961-1.png","datePublished":"2022-02-28T04:26:42+00:00","dateModified":"2022-02-28T05:04:13+00:00","description":"Latest Guide on New Scheme of Taxation under Section 115BAC of Income Tax Act 1961. Applicability, Comparison, Advantages of New Tax Regimes.","breadcrumb":{"@id":"https:\/\/www.legalwindow.in\/blog\/new-scheme-of-taxation-under-section-115bac-of-income-tax-act-1961\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.legalwindow.in\/blog\/new-scheme-of-taxation-under-section-115bac-of-income-tax-act-1961\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.legalwindow.in\/blog\/new-scheme-of-taxation-under-section-115bac-of-income-tax-act-1961\/#primaryimage","url":"https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/New-Scheme-of-Taxation-under-Section-115BAC-of-Income-Tax-Act-1961-1.png","contentUrl":"https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/New-Scheme-of-Taxation-under-Section-115BAC-of-Income-Tax-Act-1961-1.png","width":800,"height":800},{"@type":"BreadcrumbList","@id":"https:\/\/www.legalwindow.in\/blog\/new-scheme-of-taxation-under-section-115bac-of-income-tax-act-1961\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.legalwindow.in\/blog\/"},{"@type":"ListItem","position":2,"name":"New Scheme of Taxation under Section 115BAC of Income Tax Act, 1961"}]},{"@type":"WebSite","@id":"https:\/\/www.legalwindow.in\/blog\/#website","url":"https:\/\/www.legalwindow.in\/blog\/","name":"Legal Window","description":"Legal Solution Provider","publisher":{"@id":"https:\/\/www.legalwindow.in\/blog\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.legalwindow.in\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.legalwindow.in\/blog\/#organization","name":"LegalWindow","url":"https:\/\/www.legalwindow.in\/blog\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.legalwindow.in\/blog\/#\/schema\/logo\/image\/","url":"https:\/\/legalwindow.in\/blog\/wp-content\/uploads\/LW-Logo-2.png","contentUrl":"https:\/\/legalwindow.in\/blog\/wp-content\/uploads\/LW-Logo-2.png","width":1245,"height":357,"caption":"LegalWindow"},"image":{"@id":"https:\/\/www.legalwindow.in\/blog\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/legalwindow.in\/","https:\/\/www.instagram.com\/legalwindow.in\/","https:\/\/www.linkedin.com\/company\/legal-window\/","https:\/\/in.pinterest.com\/legalwindow\/","https:\/\/www.youtube.com\/channel\/UCFtHKxaXtK4WjOe9UytbX9A"]},{"@type":"Person","@id":"https:\/\/www.legalwindow.in\/blog\/#\/schema\/person\/a7d792fb3d624b37c80fc19d03e265e4","name":"CS Garima Kothari (B.COM, MBA)","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/8ccdb3bf3b37225ebe071d711de1b7d46784a1394377d0eee0b130d81bd2d180?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/8ccdb3bf3b37225ebe071d711de1b7d46784a1394377d0eee0b130d81bd2d180?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/8ccdb3bf3b37225ebe071d711de1b7d46784a1394377d0eee0b130d81bd2d180?s=96&d=mm&r=g","caption":"CS Garima Kothari (B.COM, MBA)"},"description":"Company Secretary and diligent learner deeply immersed in the world of corporate law, compliance, and governance with a focus on developing a robust foundation in legal principles and corporate practices. Passionate about exploring the intricacies of company law, regulatory compliance, and corporate governance.","sameAs":["https:\/\/legalwindow.in"],"url":"https:\/\/www.legalwindow.in\/blog\/author\/capulkitgoyal\/"}]}},"_links":{"self":[{"href":"https:\/\/www.legalwindow.in\/blog\/wp-json\/wp\/v2\/posts\/106507","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.legalwindow.in\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.legalwindow.in\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.legalwindow.in\/blog\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.legalwindow.in\/blog\/wp-json\/wp\/v2\/comments?post=106507"}],"version-history":[{"count":17,"href":"https:\/\/www.legalwindow.in\/blog\/wp-json\/wp\/v2\/posts\/106507\/revisions"}],"predecessor-version":[{"id":106527,"href":"https:\/\/www.legalwindow.in\/blog\/wp-json\/wp\/v2\/posts\/106507\/revisions\/106527"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.legalwindow.in\/blog\/wp-json\/wp\/v2\/media\/106509"}],"wp:attachment":[{"href":"https:\/\/www.legalwindow.in\/blog\/wp-json\/wp\/v2\/media?parent=106507"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.legalwindow.in\/blog\/wp-json\/wp\/v2\/categories?post=106507"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.legalwindow.in\/blog\/wp-json\/wp\/v2\/tags?post=106507"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}