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of <h1>Section 115BAC introduces new tax regime with seven slabs ranging from nil to 30% for individuals and HUFs</h1> The new tax regime under Section 115BAC establishes revised income tax rates for individuals and Hindu Undivided Families effective Assessment Year 2026-27. The tax structure features seven slabs: nil tax up to Rs. 4 lakh, 5% for Rs. 4-8 lakh, 10% for Rs. 8-12 lakh, 15% for Rs. 12-16 lakh, 20% for Rs. 16-20 lakh, 25% for Rs. 20-24 lakh, and 30% above Rs. 24 lakh. This regime restricts numerous deductions including house rent allowance, leave travel concession, professional tax, and Chapter VI-A deductions except employer pension contributions. Taxpayers can opt out annually through prescribed procedures. Surcharge rates apply at 10% for income Rs. 50 lakh-1 crore, 15% for Rs. 1-2 crore, and 25% above Rs. 2 crore. The regime serves as the default option with specific compliance requirements for tax deduction at source.
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