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of <h1>Finance Act 2023 amends Section 115BAC, introduces new tax rates and options for taxpayers from April 2024.</h1> The Finance Act, 2023 amends section 115BAC of the Income-tax Act, effective April 1, 2024, to include 'others' alongside individuals and Hindu undivided families. It introduces a new tax rate structure for various income brackets, ranging from nil for income up to Rs. 3,00,000 to 30% for income above Rs. 15,00,000. Amendments also address exemptions, deductions, and depreciation adjustments for specific entities. A new sub-section allows taxpayers to opt out of the new tax regime, with conditions for exercising and withdrawing this option. The amendments also modify provisions for units in International Financial Services Centres.
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