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of <h1>Finance Bill 2024 amends Section 115BAC, adjusting tax rates for individuals and groups, effective April 2025.</h1> Clause 37 of the Finance (No. 2) Bill, 2024 amends section 115BAC of the Income-tax Act, altering tax rates for individuals, Hindu undivided families, associations of persons, and bodies of individuals. For the assessment year starting April 1, 2024, income up to Rs. 3,00,000 is tax-free, with rates increasing incrementally up to 30% for income above Rs. 15,00,000. From April 1, 2025, the same rates apply, but the 5% tax bracket extends to Rs. 7,00,000. These changes are effective from April 1, 2025, for the 2025-2026 assessment year and beyond.
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