How do I file form 10-IB to avail new tax regime for AY 20-21

Advance tax due date in such cases is 31st march 2020.

You have to select the option

Feel free to contact me in case you have any questions 

1. 234A interest is for late payment of self assessment tax. 234 B&C is related to payment of installments of advance tax if total tax is more than Rs.10k.

2. New tax regime is applicable from next year i.e. AY 2021-22.

Yes last date for AY 2020-21 is 31.12.2020

Feel free to discuss telephonically for detailed discussion.

1. Under 44ADA, you need to pay your entire advance tax on or before 15 March. Instead of paying in 4 installments, you need to pay only once. Since, you have not paid it 234B and C will be calculated. 234A will be calculated if your tax liability (net of tds) is more than 1 lac.

2. New tax regime is applicable from next year i.e. FY 2020-21.

Dear Sumeet,

Hope you are doing well !!

1. The taxpayers who have opted for presumptive taxation scheme under section 44ADA have to pay the whole amount of their advance tax in one instalment on or before 15 March. 

If you have not paid it on or before 15th March 2020 for FY 2019-20 then you will be liable to pay interest u/s 234A,B & C.

2. New tax regime is applicable from next year i.e. AY 2021-22.

We may discuss the further over call.

Hi

Independent professionals such as doctors, lawyers, architects etc. come under the presumptive scheme under section 44ADA. They have to pay the whole of their advance tax liability in one instalment on or before 15 March. They can also pay the entire amount by 31 March.

If you failed to pay then interest under section 

234A,B and C will be liable.

2. From next A.Y. year 2021 - 22

Thats interest for late payment of Advance tax or late payment of income tax.

You can read more here: https://www.taxontips.com/interest-for-non-payment-of-advance-tax-section-234b-234c/

The new regime is applicable from FY 2020-21. You can make the calculation using this tool: https://www.taxontips.com/calculation-sheet-for-comparison-of-tax-payable-under-new-and-old-tax-regime-for-individual-and-huf-115bac/

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Thank you.