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of <h1>Optional Lower Tax Rates for Individuals and HUFs: Simplified Computation with Progressive Rates and Limited Exemptions</h1> The statutory provision outlines a new tax regime for individuals and Hindu undivided families, offering an optional tax computation method with lower rates but fewer exemptions. The tax rates are structured progressively, ranging from nil tax for lower income brackets to 30% for higher income brackets. The option can be exercised for assessment years from 2021-2024, with modified rates and conditions for subsequent years. Taxpayers must compute income without certain exemptions and deductions, and the option once exercised can be withdrawn only once.
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