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of <h1>Finance Bill 2020 introduces Section 115BAC: Reduced tax rates for individuals and HUFs, with limited exemptions and deductions.</h1> The Finance Bill 2020 introduces section 115BAC, offering individuals and Hindu Undivided Families (HUFs) an option to pay taxes at reduced rates starting from the assessment year 2021-22. Tax rates range from nil for income up to Rs 2,50,000 to 30% for income above Rs 15,00,000. This option requires foregoing certain exemptions and deductions, such as house rent allowance, leave travel concession, and deductions under Chapter VI-A, except for sections 80CCD(2) and 80JJAA. The option is valid for individuals or HUFs without business income and can be withdrawn only once if business income is involved. Provisions related to AMT and its credit carry forward do not apply under this scheme.
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