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of <h1>Finance Bill 2023 amends Section 115BAC, introducing new tax rates and rules for income computation from April 2024.</h1> Clause 50 of the Finance Bill, 2023 amends section 115BAC of the Income-tax Act, affecting taxation for individuals, Hindu undivided families, and others. Effective April 1, 2024, a new tax rate structure is introduced for incomes, ranging from nil for incomes up to Rs. 3,00,000 to 30% for incomes above Rs. 15,00,000. The amendment specifies that certain exemptions and deductions will not apply when computing total income under sub-section (1A). Changes also address tax options for those with income from business or profession, and adjustments for depreciation allowances. These provisions apply from the assessment year 2024-2025 onwards.
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