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of <h1>Finance Act 2020: Sections 115BAC & 115BAD Introduce New Tax Regimes for Individuals, HUFs, and Cooperatives</h1> Sections 115BAC and 115BAD, introduced by the Finance Act, 2020, offer alternative tax regimes for individuals, Hindu undivided families, and resident cooperative societies, effective from April 1, 2021. Section 115BAC allows individuals and Hindu undivided families to opt for a new tax rate structure without certain exemptions and deductions. Section 115BAD provides a 22% tax rate for resident cooperative societies, also excluding specific deductions. Both sections require the exercise of options by specified deadlines, and failure to meet conditions invalidates the option for the relevant and subsequent assessment years. Adjustments for depreciation are also outlined.
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