Clause 37 - Amendment of section 115BAC. - Finance (No. 2) Bill, 2024

Amendment of section 115BAC. 37. In section 115BAC of the Income-tax Act, for sub-section (1A), the following sub-section shall be substituted with effect from the 1st day of April, 2025, namely: (1A) Notwithstanding anything contained in this Act but subject to the provisions of this Chapter, the income-tax payable in respect of the total income of a person, being an individual or Hindu undivided family or association of persons (other than a co-operative society), or body of individuals, whether incorporated or not, or an artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2, other than a person who has exercised an option under sub-section (6), (i) for any previous year relevant to the assessment year beginning on the 1st day of April, 2024, shall be computed at the rate of tax given in the following Table, namely: TABLE Sl. No. Total income Rate of tax (1) (2) (3) 1. Upto Rs. 3,00,000 Nil 2. From Rs. 3,00,001 to Rs. 6,00,000 5 per cent. 3. From Rs. 6,00,001 to Rs. 9,00,000 10 per cent. 4. From Rs. 9,00,001 to Rs. 12,00,000 15 per cent. 5. From Rs. 12,00,001 to Rs. 15,00,000 20 per cent. 6. Above Rs. 15,00,000 30 per cent.; (ii) for any previous year relevant to the assessment year beginning on or after the 1st day of April, 2025, shall be computed at the rate of tax given in the following Table, namely: TABLE Sl. No. Total income Rate of tax (1) (2) (3) 1. Upto Rs. 3,00,000 Nil 2. From Rs. 3,00,001 to Rs. 7,00,000 5 per cent. 3. From Rs. 7,00,001 to Rs. 10,00,000 10 per cent. 4. From Rs. 10,00,001 to Rs. 12,00,000 15 per cent. 5. From Rs. 12,00,001 to Rs. 15,00,000 20 per cent. 6. Above Rs. 15,00,000 30 per cent. .