Income-tax Act, 2025

New tax regime for individuals, Hindu undivided family and others - Section 202

New tax regime for individuals, Hindu undivided family and others.

202. (1) Irrespective of anything contained in this Act other than Chapter XVII-B but subject to Parts A, B, E and this Part of this Chapter, the income-tax payable by a person, being

(a) an individual; or

(b) a Hindu undivided family; or

(c) an association of persons (other than a co-operative society); or

(d) a body of individuals, whether incorporated or not; or

(e) an artificial juridical person referred to in section 2(77)(g),

in respect of the total income for a tax year, shall, unless the person exercises the option in the manner provided under sub-section (4), be computed at the rate of tax given in the following Table:

TABLE

Sl. No.Total incomeRate of tax

ABC

1.Upto Rs. 400000Nil

2.From Rs. 400001 to Rs. 8000005%

3.From Rs. 800001 to Rs. 120000010%

4.From Rs. 1200001 to Rs. 160000015%

5.From Rs. 1600001 to Rs. 200000020%

6.From Rs. 2000001 to Rs. 240000025%

7.Above Rs. 240000030%

(2) For the purposes of sub-section (1), the total income of the assessee shall be computed

(a) without any exemption or deduction under

(i) Schedule III (Table: Sl. No. 5 or 6 or 7 or 8 or 11 or 17);

(ii) Schedule III (Table: Sl. No. 12 or 13) (other than those as may be prescribed for this purpose);

(iii) 25[***]

(iv) section 19(1) (Table: Sl. No. 1);

(v) section 22(1)(b), in respect of properties referred to in section 21(6);

(vi) section 33(8);

(vii) section 48;

(viii) section 49;

(ix) section 45(3)(a) or (b) or (c);

(x) section 46;

(xi) section 47(1)(a); and

(xii) Chapter VIII other than the provisions of section 124(1) and 124(2), or 125(2) or 146; and

(b) without set off of

(i) any loss carried forward or depreciation .... To read the full section download the app from Google Play store