Optional tax regime for individuals and co operative societies limits deductions and prescribes alternative computation upon election. Two new optional tax computation regimes are inserted: section 115BAC for individuals and HUFs and section 115BAD for resident co operative societies, effective from the assessment year beginning 1 April 2021. Each permits election to compute tax at prescribed rates only if the taxpayer satisfies detailed conditions that exclude specified exemptions and deductions, restrict set off of certain carried forward losses and depreciation, prescribe manner of claiming depreciation with transitional written down value adjustments, and limit withdrawal of the option once exercised; IFSC Unit deductions are specially addressed.