The Finance Act 2023 introduced several amendments to Section 115BAC of the Income-tax Act. These amendments include making Section 115BAC the default tax regime and extending its applicability to entities such as the Association of Persons (“AOP”), Body of Individuals (“BOI”), Artificial Juridical Person (“AJP”), and others.
In response to these amendments, the Central Board of Direct Taxes (“CBDT”) has issued Notification No. 43/2023 dated June 21, 2023 regarding the amendments to Rules 2BB, 3, and 5 to incorporate the provisions of the new tax regime.
Further, the CBDT inserted Rule 21AGA and Form 10-IEA to enable the assessee to opt for the old tax regime instead of the new regime.
The Complete Notification can be accessed at: https://egazette.gov.in/WriteReadData/2023/246719.pdf