New tax regime for individuals, Hindu undivided family and others.

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....on, being- (a) an individual; or (b) a Hindu undivided family; or (c) an association of persons (other than a co-operative society); or (d) a body of individuals, whether incorporated or not; or (e) an artificial juridical person referred to in section 2(77)(g), in respect of the total income for a tax year, shall, unless the person exercises the opt....

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.... this purpose); (iii) ^1[****] (iv) section 19(1) (Table: Sl. No. 1); (v) section 22(1)(b), in respect of properties referred to in section 21(6); (vi) section 33(8); (vii) section 48; (viii) section 49; (ix) section 45(3)(a) or (b) or (c); (x) section 46; (xi) section 47(1)(a); and (xii) Chapter VIII other t....

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....person, where an option is exercised by such person under this section, in such manner as may be prescribed, for any tax year, and such option is exercised,-- (a) in case of a person having income from business or profession,-- (i) on or before the due date specified under section 263(1) for furnishing the returns of income for such tax year; (ii) such option, once exerc....