Optional concessional tax regime for individuals and HUFs restricts deductions and loss set off, available by prescribed option. An optional tax regime permits individuals and HUFs to compute tax under a slab based rate structure only if they validly exercise the option; it disallows a broad set of exemptions and Chapter VI A deductions, restricts set off of specified carried forward losses and depreciation, prescribes depreciation computation, deems certain prior losses/depreciation to have been given full effect, provides transitional adjustments for written down asset values, and modifies conditions for IFSC Units. A parallel optional concessional rate is available to resident co operative societies subject to analogous exclusions and procedural rules.