Section 115BAC (New Tax Regime)
Definition
The provision setting out India's new personal income-tax regime with lower slab rates but most exemptions and deductions withdrawn. It has become the default regime, with the option to choose the old one.
Related Terms in India GST
Set-Off and Carry-Forward of Losses
The income-tax rules allowing losses under one head to be set off against income, and unabsorbed losses to be carried forward to future years within limits. Different loss types have different set-off and carry-forward rules.
Clubbing of Income
Income-tax provisions that add certain income of a spouse or minor child to a taxpayer's own income to prevent tax avoidance by shifting income within a family.
Gross Total Income
The sum of income under all heads in India — salary, house property, business, capital gains and other sources — before Chapter VI-A deductions. Deductions are then subtracted to reach total taxable income.
PAN-Aadhaar Linking
The Indian requirement to link the Permanent Account Number with the Aadhaar identity number. An unlinked PAN can become inoperative, affecting return filing, refunds and TDS rates.
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