SAMPLE CHAPTER 1.793
CH. XII - DETERMINATION OF TAX IN CERTAIN SPECIAL CASES
S. 115BAC
(7) Nothing contained in this section shall apply unless the option is exercised by the person in the prescribed manner43 on or before the due date specified under sub-section (1) of section 139 for furnishing the first of the returns of income for any previous year relevant to the assessment year commencing on or after 1st day of April, 2020 and such option once exercised shall apply to subsequent assessment years: Provided that once the option has been exercised for any previous year, it cannot be subsequently withdrawn for the same or any other previous year. Explanation.—For the purposes of section 115BAA and this section, the expression “unabsorbed depreciation” shall have the meaning assigned to it in clause (b) of sub-section (7) of section 72A.] [Tax on income of individuals 44a[and Hindu undivided family].45
44
115BAC. (1) Notwithstanding anything contained in this Act but subject to the provisions of this Chapter, the income-tax payable in respect of the total income of a person, being an individual or a Hindu undivided family, for any previous year relevant to the assessment year beginning on or after the 1st day of April, 2021 45a[but before the 1st day of April, 2024], shall, at the option of such person, be computed at the rate of tax given in the following Table, if the conditions contained in sub-section (2) are satisfied, namely:— TABLE Sl. No.
Total income
(1)
(2)
Rate of tax (3)
1.
Upto Rs. 2,50,000
Nil
2.
From Rs. 2,50,001 to Rs. 5,00,000
5 per cent
3.
From Rs. 5,00,001 to Rs. 7,50,000
10 per cent
4.
From Rs. 7,50,001 to Rs. 10,00,000
15 per cent
5.
From Rs. 10,00,001 to Rs. 12,50,000
20 per cent
6.
From Rs. 12,50,001 to Rs. 15,00,000
25 per cent
7.
Above Rs. 15,00,000
30 per cent:
Provided that where the person fails to satisfy the conditions contained in subsection (2) in any previous year, the option shall become invalid in respect of the assessment year relevant to that previous year and other provisions of this Act shall apply, as if the option had not been exercised for the assessment year relevant to that previous year:
43. See rule 21AF and Form No. 10-ID. 44. Sections 115BAC and 115BAD inserted by the Finance Act, 2020, w.e.f. 1-4-2021. 44a. Words “, Hindu undivided family and others” shall be substituted for “and Hindu undivided family” by the Finance Act, 2023, w.e.f. 1-4-2024. 45. See Circular No. C1 of 2020, dated 13-4-2020 (Clarification in respect of option under section 115BAC). For details, see Taxmann’s Master Guide to Income-tax Act. 45a. Italicised words shall be inserted by the Finance Act, 2023, w.e.f. 1-4-2024.