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The Tax Publishers New Taxation Regime For Individual/HUF [Section 115BAC][25] 1. Nature of section 115BAC--Section 115BAC overrides other provisions of the Act (but subject to provisions of sections 110 to 115BBG). The individual and HUF has option to choose new provisions of section 115BAC. They can also opt for taxation under normal provisions of the Act. However, income specified under sections 110 to 115BBG are outside the scope of this special tax rate and those incomes will be taxed at rates prescribed in those sections. 2. Rate of tax on incomes specified under sections 110 to 115BBG--Incomes specified under section 110 to 115BBG will be taxed at rates specified in these sections. 3. To whom provisions of section 115BAC apply--Provisions of section 115BAC apply to any assessee being an individual and HUF. 4. Residential status irrelevant--New rates will apply to all individuals and HUFs be it resident or non-resident. 5. Rate of tax applicable--If conditions mentioned below are satisfied then such individual and HUF is eligible for concessional tax rates specified below for any previous year relevant to the assessment year beginning on or after 1-4-2021 [i.e. assessment year 2021-22] provided the assessee exercises the option mentioned in section 115BAC. SUBSCRIBE FOR FULL CONTENT

The Tax Publishers

New Taxation Regime For Individual/HUF [Section 115BAC][25]

1. Nature of section 115BAC--Section 115BAC overrides other provisions of the Act (but subject to provisions of sections 110 to 115BBG). The individual and HUF has option to choose new provisions of section 115BAC. They can also opt for taxation under normal provisions of the Act.

However, income specified under sections 110 to 115BBG are outside the scope of this special tax rate and those incomes will be taxed at rates prescribed in those sections.

2. Rate of tax on incomes specified under sections 110 to 115BBG--Incomes specified under section 110 to 115BBG will be taxed at rates specified in these sections.

3. To whom provisions of section 115BAC apply--Provisions of section 115BAC apply to any assessee being an individual and HUF.

4. Residential status irrelevant--New rates will apply to all individuals and HUFs be it resident or non-resident.

5. Rate of tax applicable--If conditions mentioned below are satisfied then such individual and HUF is eligible for concessional tax rates specified below for any previous year relevant to the assessment year beginning on or after 1-4-2021 [i.e. assessment year 2021-22] provided the assessee exercises the option mentioned in section 115BAC.