Section 115bac of income tax and its relevance in the current scenario

Authors Details :
Sabir Mujawar

228 Views Conference

Every year, tax laws are updated to create a more straightforward tax system for every Indian taxpayer. It was determined to provide new voluntary taxation to individual assesses in the union budget under section 115BAC of income tax act 1961. This essay discusses the new optional tax system, a comparison to the previous tax system, and the applicability of optional tax in the current context. Understanding tax payers' attitudes towards optional tax and educating them about the new regime, the drawbacks of optional tax, and its implications for the upcoming fiscal year are among the objectives of this research. Data is generally gathered through questionnaires for this purpose, and various research papers and journals are read to provide better analysis. According to survey results, individuals will continue to use the old tax system because there are no deductions available under the new tax law. However, the majority of respondents concurred that the new plan is superior to the previous one since it is completely dependent on the degree of income and investment of the individual. Overall, it can be said that, if you set aside a few of the new tax scheme's flaws, it is the correct step towards becoming a significant tax reform in recent memory. Keywords: Section 115 BAC Optional tax regime, Old tax structure, Relevance.