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of <h1>Section 115JB Tax Rate Reduced to 15% and Life Insurance Income Excluded Effective April 2020</h1> Section 115JB of the Income-tax Act, 1961, is amended effective April 1, 2020, by the Taxation Laws (Amendment) Act, 2019. The amendment reduces the tax rate from eighteen and one-half percent to fifteen percent for the assessment year starting on or after April 1, 2020. Additionally, sub-section (5A) is revised to exclude from the provisions of this section any income from life insurance business as per section 115B, and individuals who have opted for the tax regimes under sections 115BAA or 115BAB.
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