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From Assessment Year 2021-22, Individuals and HUFs (including Resident Individuals below 60 years of age, Senior Citizens and Very Senior Citizens) will have option to opt for Section 115BAC. In case Section 115BAC is opted the computation of income will be as per the provisions of Section 115BAC and New Tax Rates are applicable. In case Section 115BAC is not opted the computation of income will be as per the Existing Provisions and Existing Tax Rates are applicable.
If an Individual / HUF opts for Section 115BAC, no exemption or deduction under the provisions of clause (5) or clause (13A) or prescribed under clause (14) (other than those as may be prescribed for this purpose) or clause (17) or clause (32), of section 10 or section 10AA or section 16 or clause (b) of section 24 (in respect of the property referred to in sub-section (2) of section 23) or clause (iia) of sub-section (1) of section 32 or section 32AD or section 33AB or section 33ABA or sub-clause (ii) or sub-clause (iia) or sub-clause (iii), of sub-section (1) or sub-section (2AA), of section 35 or section 35AD or section 35CCC or clause (iia) of section 57 or under any of the provisions of Chapter VI-A other than the provisions of sub-section (2) of section 80CCD or section 80JJAA from income will be available and New Income tax rates shall be applicable:
| S. No. | Total Income | New Tax Rates |
|---|---|---|
| 1 | Upto Rs 2,50,000 | Nil |
| 2 | From Rs 2,50,001 to Rs 5,00,000 | 5% |
| 3 | From Rs 5,00,001 to Rs 7,50,000 | 10% |
| 4 | From Rs 7,50,001 to Rs 10,00,000 | 15% |
| 5 | From Rs 10,00,001 to Rs 12,50,000 | 20% |
| 6 | From Rs 12,50,001 to Rs 15,00,000 | 25% |
| 7 | Above 15,00,000/- | 30% |
| Surcharge ( subject to Marginal Relief )
| 10% of Income Tax, in case taxable income is above ₹ 50 lacs. 15% of Income Tax, in case taxable income is above ₹ 1 crore. 25% of Income Tax, in case taxable income is above ₹ 2 crore. 37% of Income Tax, in case taxable income is above ₹ 5 crore. | |
| Health & Education Cess | 4% of (Income Tax + Surcharge). | |
| For more details on Section 115BAC, please refer to the Finance Act No. 12 of 2020 | ||