Insertion of new sections 115BAC and 115BAD.

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....all, at the option of such person, be computed at the rate of tax given in the following Table, if the conditions contained in sub-section (2) are satisfied, namely:- TABLE Sl. No. Total income Rate of tax (1) (2) (3) 1. Up to Rs. 2,50,000 Nil 2. From Rs. 2,50,001 to Rs. 5,00,000 5 per cent. 3. From Rs. 5,00,001 to Rs. 7,50,000 10 per cent. 4. From Rs. 7,50,001 to Rs. 10,00,000 15 per cent. 5. From Rs. 10,00,001 to Rs. 12,50,000 20 per cent. 6. From Rs. 12,50,001 to Rs. 15,00,000 25 per cent. 7. Above Rs. 15,00,000 30 per cent.: Provided that where the person fails to satisfy the conditions contained in sub-section (2) in any previous year, the opti....

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....arried forward or depreciation from any earlier assessment year, if such loss or depreciation is attributable to any of the deductions referred to in clause (i); (b) under the head "Income from house property" with any other head of income; (iii) by claiming the depreciation, if any, under any provision of section 32, except clause (iia) of sub-section (1) of the said section, determined in such manner as may be prescribed; and (iv) without any exemption or deduction for allowances or perquisite, by whatever name called, provided under any other law for the time being in force. (3) The loss and depreciation referred to in clause (ii) of sub-section (2) shall be deemed to have been given full effect to and....

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....y previous year relevant to the assessment year commencing on or after the 1st day of April, 2021, and such option once exercised shall apply to subsequent assessment years; (ii) having income other than the income referred to in clause (i), alongwith the return of income to be furnished under sub-section (1) of section 139 for a previous year relevant to the assessment year: Provided that the option under clause (i), once exercised for any previous year can be withdrawn only once for a previous year other than the year in which it was exercised and thereafter, the person shall never be eligible to exercise option under this section, except where such person ceases to have any income from business or profession in which ca....

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....visions of Chapter VI-A other than the provisions of section 80JJAA; (ii) without set off of any loss carried forward or depreciation from any earlier assessment year, if such loss or depreciation is attributable to any of the deductions referred to in clause (i); and (iii) by claiming the depreciation, if any, under section 32, other than clause (iia) of sub-section (1) of the said section, determined in such manner as may be prescribed. (3) The loss and depreciation referred to in clause (ii) of sub-section (2) shall be deemed to have been given full effect to and no further deduction for such loss or depreciation shall be allowed for any subsequent year: Provided that where there is a depreciation allo....