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

New tax regime option requires Form 10 IEA for electronic exercise or withdrawal and limits depreciation.

Rules restrict exemption entitlement for employees opting into the new tax regime and exclude voucher provided free food concessions for such employees. Depreciation for specified taxpayers under the regime is capped at forty percent of the written down value with transitional WDV increase where certain prior depreciation was not fully allowed. A new rule mandates electronic filing of Form No. 10 IEA to exercise or withdraw the option into the regime, requires digital signature or an electronic verification code, and directs systems authorities to specify procedure, data standards and security measures.