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

Illustrations – For Assessment Year 2015-16: Income Tax on Salaries Circular No. 17/2014
Processing of returns with refund claims under section 143(1) of the Income-tax Act beyond the prescribed time limits in non-scrutiny cases
Submission of Income Tax Savings Documents for F.Y. 2021-2022, Format of Self Declaration and Rent Receipt: DAD

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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