CA Parveen Prajapati's video: Finance Act 2023 No Tax for Salary up to 750000 under New Tax Regime

In section 115BAC of the Income-tax Act,–– (A) with effect from the 1st day of April, 2024,–– (a) in the marginal heading, for the words “and Hindu undivided family”, the words “, Hindu undivided family and others” shall be substituted; (b) in sub-section (1), for the figures, letters and words “1st day of April, 2021”, the figures, letters and words “1st day of April, 2021 but before the 1st day of April, 2024” shall be substituted; (c) after sub-section (1), the following sub-section shall be inserted, namely:–– “(1A) Notwithstanding anything contained in this Act but subject to the provisions of this Chapter, the incometax 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), for any previous year relevant to the assessment year beginning on or after the 1st day of April, 2024, shall be computed at the rate of tax given 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.