Clause 24 - Amendment of section 115BAC. - Finance Bill, 2025

Amendment of section 115BAC. 24. In section 115BAC of the Income-tax Act, in sub-section (1A), with effect from the 1st April, 2026, (a) in clause (ii), the words or after shall be omitted; (b) after clause (ii), the following clause shall be inserted, namely: (iii) for any previous year relevant to the assessment year beginning on or after the 1st April, 2026, shall be computed at the rate of tax given in the following Table, namely: TABLE S. No. Total income Rate of tax (1) (2) (3) 1. Upto Rs. 4,00,000 Nil 2. From Rs. 4,00,001 to Rs. 8,00,000 5 per cent. 3. From Rs. 8,00,001 to Rs. 12,00,000 10 per cent. 4. From Rs. 12,00,001 to Rs. 16,00,000 15 per cent. 5. From Rs. 16,00,001 to Rs. 20,00,000 20 per cent. 6. From Rs. 20,00,001 to Rs. 24,00,000 25 per cent. 7. Above Rs. 24,00,000 30 per cent. .