The Finance Act 2020 has introduced new section 115BAC. This section gives an option to individuals and HUF to pay taxes at alternate rates w.e.f. A.Y. 2021-22. Given this option, Individual and HUF can pay income tax at rates more beneficial to them. However, the said section provides some conditions in order to avail the option of paying taxes at the rates under this section. Below are the brief of the above new tax regime and condition to opt for the same.
