CBDT clarifies process of opting concessional rates of tax, Sec 115BAC

CBDT clarifies process of opting concessional rates of tax, Sec 115BAC

CBDT has issues Circular C1 of 2020 dated 13.04.2020. It clarifies the process of exercising of option by a taxpayer with regard to deduction of tax at source if he/she opts for the concessional rates of tax as per section 115BAC.

Employee to intimate employer of intention to opt for new concessional rates. Intimation so given will be applicable for the year & can’t be modified. However, employee has the right to exercise such option or continue with earlier scheme. He can decide it at time of filing ITR.

CBDT clarifies process of opting concessional rates of tax, Sec 115BAC

Link of Circular

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