Comparison of Tax Rates for FY 22-23 v/s FY 23-24 (For Individuals and HUF)

 

Comparison of Tax Rates for FY 22-23 v/s FY 23-24 (For Individuals and HUF) Default (new) Tax Regime – Section 115BAC Government had introduced a new scheme with effect fromaAssessment Year 2021-22 for Individuals and HUFs in the FinanceAct 2020 with lower rates for those foregoing certain exemptions/deductions.

It is now provided that the New Tax Regime under section115BAC would also be applicable to Association of Persons (other thanco- operative society), Body of Individuals and artificial jurisdictionperson in addition to Individuals and HUFs. Earlier, the assesseehad to exercise an option for availing the Tax Regime under section115BAC. However, now tax regime under section 115BAC would applyby default unless the assessee exercises an option to opt for the oldregime.

The rates applicable under the Tax Regime under section 115BAC to Individuals, HUF and others are as under: