Quick reference to tax compliance and reliefs provided under The Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 and Notifications issued after 20.3.2020- {Part 11}-Income Tax Act, 1961, Option u/s 115BAC from FY 2020-21 (AY 2021-22) {Based on CBDT Circular No. C 1 of 2020 dated 13.4.2020}
Section 115BAC has been inserted by the Finance Act, It is applicable for FY 2020-21, which is relevant for AY 2021-22. As per section 115BAC(1) an *Individual* or *HUF* can *opt* to pay income-tax for assessment year 2021-22 or any subsequent assessment year at the rates specified therein, instead of the rates specified in section …