Option for Calculation of Income Tax under Old Tax Regime or New Tax Regime: Clarification by PCDA – Message No. 04/2021

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Option for Calculation of Income Tax under Old Tax Regime or New Tax Regime: Clarification by PCDA – Message No. 04/2021

Option for Calculation of Income Tax under Old Tax Regime or New Tax Regime: Clarification by PCDA - Message No. 04/2021 Message No. 04/2021 Opt

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Recovery of Income Tax for the year 2020-21 (Assessment Year 2021-22) – Salient features of the new tax regime (optional) – Self declaration Form
Income other than business or profession – Clarification on option u/s 115BAC of IT Act 1961: Circular C1 of 2020

Option for Calculation of Income Tax under Old Tax Regime or New Tax Regime: Clarification by PCDA – Message No. 04/2021

option-for-calculation-of-income-tax-under-old-tax-regime-or-new-tax-regime-pcda-message-no-04-2021

Message No. 04/2021

Option to Army Officer for calculation of Income Tax under Old Tax Regime or New Tax Regime

i. According to para 2.2 of Central Board of Direct Taxes(CBDT)’s Circular No. 20/2020 dated 03/12/2020, once an individual opts for new tax regime, the same will be applicable for complete Financial Year and it cannot be changed during that financial year. However, the same can be changed after the Financial Year, if desired by the individual, but only once in a life time.

View: Ready Reckoner – Comparison of Income Tax for F.Y. 2020-21 under Existing & New Regime i.r.o. Normal, Senior & Super Senior Citizen

ii. The cut-off date for exercising of such option is 31st January for calculation of Income Tax as per option exercised.

calculation-of-income-tax-under-old-tax-regime-or-new-tax-regime-pcda-message-no-04-2021

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