New Tax Regime u/s 115BAC in respect of Individuals, HUF and others as Amended By Finance Act, 2023 - Various changes made in corresponding rules for income taxable as Salary and for Depreciation in case of Business or Profession income - Introduction of FORM No. 10-IEA for exercising to option or withdrawing from the option u/s 115BAC - Income-tax (Tenth Amendment) Rules, 2023 - 43/2023 - Income Tax

Finance Act 2023: Amendments to Income-tax Rules Affect Section 115BAC; New Form 10-IEA Introduced for Tax Regime Changes.

The Finance Act, 2023 introduces amendments to the Income-tax Rules, 1962, impacting individuals, Hindu Undivided Families (HUF), and other entities under section 115BAC. Key changes include modifications to rules for taxable salary income and business or profession income depreciation. A new Form No. 10-IEA is introduced for opting into or withdrawing from the section 115BAC tax regime. The amendments specify conditions for tax exemptions, depreciation limits, and procedures for electronic submission of Form No. 10-IEA. These rules are effective from their publication date in the Official Gazette, with specific provisions applicable from April 1, 2023.