NEW TAX REGIME FOR THE FINANCIAL YEAR 2023-24

New Income Tax regime was introduced in the Financial year 2020-21 with the introduction of Simplified optional Individual tax regime with lower income tax rates for the persons who are ready to forgo many tax rebates of the old tax regime . The new optional section under IT Act is 115BAC . If you opt for section 115 BAC , the new tax regime will apply . The new tax regime is further modified for the FY 2-23=24 IN FAVOUR OF THE TAX PAYERS .