Income Computation and Disclosure Standards (ICDS)
The ICDS is being applicable on all assessees who are following the mercantile system of accounting for the purpose of computation of Income chargeable under the head “PGBP” i.e., Profits and Gains of business or profession or Income under head “Income from other sources”
New Tax Regime! Newly Inserted Section 115BAC of Income Tax Act, 1961- A Complete Guide
The Finance Act, 2020 inserted new section i.e. Section 115BAC in Income Tax Act, 1961, which is eventually an alternate New Tax Regime where a person, being a Individual or HUF (Hindu undivided family), have a option either to choose old tax regime i.e., the existing tax structure or may opt for this New tax regime.