Filing 24Q for Q4 of FY 2023-24


When filing Form 24Q, under ‘Annexure II (Salary Details)’, there is an option: ‘Whether opting for taxation u/s 115BAC ? OR Whether opting out from taxation u/s 115BAC(1A) ?’ (Select yes/no)
new tax regime - option

I have following queries:

  1. As per my understanding, the option has to be ‘yes’ if one is opting for new tax regime. Is this correct ?
  2. What does 115BAC(1A) refer to ?

Hello @radhesh23k

As per the TDS RPU utility, you are required to select “NO” in case you want to opt for the New Tax Regime. This is because, when you select “NO” in the given field, the deductions are greyed out, meaning, you cannot claim any deductions which is also the case when you opt for the new regime.

Similarly, as all the deductions are allowed under the old regime, when you select “YES”, meaning you are opting for the old regime, you will also be able to add the deductions.

After Budget 2023, the tax rates under the new tax regime have been revised and the same has been added u/s 115BAC by inserting a sub-section which is 115BAC (1A).

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