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

Rates of Income Tax as per Finance Act, 2015: Income Tax on Salaries for FY 2015-16
Reduction in rate of tax deduction at source (TDS) for the period from 14.05.2020 to 31.03.2021: OM Dtd. 05 Nov 2020
Chargeability of Interest on self-assessment tax paid before the due date of filing of return of income

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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