♠ Section 115BAC is introduced to provide an option to individuals or HUFs to pay tax at reduced slab rates subject to foregoing of certain exemptions / deductions and satisfaction of certain conditions.
♠The option shall be exercised for every financial year where the individual or the HUF has no business income and in other cases, the option once exercised shall be valid for that financial year and all subsequent years.
♠The option can be withdrawn by individual / HUF having business income – only where such individual / HUF ceases to have any business income in future years.
Read more on: https://taxguru.in/income-tax/budget-2020-personal-taxation-income-tax-rates-individual-huf.html
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