Section-Wise Analysis of Proposed Income Tax Amendments by Finance Bill, 2020

1) INSERTION OF Section 115BAC

The new Sec. 115BAC has proposed to be inserted to provide an option to Individual or HUF’s to pay tax at lower rate subject to certain conditions.

  • This section is optional and the option shall be exercised for every previous year where the assessee has no business income.
  • Furthermore, if the assessee having business income than in that case the option once exercised for the P.Y. shall be valid for that P.Y. and for all subsequent years. The option can be withdrawn only once other than the previous year in which exercised and shall be continued with Normal provisions of Income Tax (other than 115BAC) thereafter, till ceases to have any business income.
  • Conditions:

The following Exemptions/Deductions will not be allowed while opting the provisions of Section 115BAC

Heads Sections
Salary 10(5) (Leave travel concession)
10(13A) (HRA)
Some of the allowance as in Sec 10(14)
16 (Standard deduction, deduction for entertainment allowance and employment/professional tax)
House Property Amount of any interest payable on borrowed capital in respect of self-occupied or vacant property referred to in sub-section (2) of section 23. That means only against self-occupied house property and this benefit is not restricted in case of let out property.( Loss under head income from house property for rented house shall not be allowed to be set off under any other head and would be allowed to be carried forward as per the extant of law)
PGBP Additional deprecation under Sec.32(1) (iia)

32AD (Inv in new Plant & Machinery in Notified Backward Area)

33AB (Tea Development)

33ABA (Site Restoration Fund)

35 (Donation for or expenditure on scientific research)

35AD(Deduction in respect of Capital expenditure on specified Business)

35CCC(Expenditure on Agriculture Extension Projects)

10AA(Exemption i.r.o. newly established businesses in SEZ.)

Income From other Sources 10(17) (Allowances to MPs/MLAs)
10(32) (Allowance for income of minor)
Family Pension deduction i.e. 1/3rd or 15000 w.i. is less.
Deductions under chapter VIA All deductions mentioned under chapter VIA i.e. section 80C to 80U are not allowed except 80CCD(2) (employer contribution on account of employee in notified pension scheme) and section 80JJAA (for new employment) can be claimed.

Concessional Tax Rates

Total Income Rates
Upto Rs. 250000
Rs. 250000 to Rs. 500000 5%
Rs. 500000 to Rs. 750000 10%
Rs. 750000 to Rs. 100000 15%
Rs. 100000 to Rs. 1250000 20%
Rs. 1250000 to Rs. 1500000 25%
Above Rs. 1500000 30%

Gross Income Standard Dedu-ction u/s 16 Dedu-ctions Taxable Income OLD Net Tax Payable OLD Taxable Income New Net Tax Payable NEW Savings Bene-ficial Scheme
350000 150000 200000 350000 Old or New
400000 150000 250000 400000 Old or New
450000 150000 300000 450000 Old or New
500000 150000 350000 500000 Old or New
550000 150000 400000 550000 18200 -18200 Old
590000 40000(if salaried) 150000 400000 590000 22360 -22360 Old
600000 150000 450000 600000 23400 -23400 Old
650000 150000 500000 650000 28600 -28600 Old
700000 150000 550000 23400 700000 33800 -10400 Old
750000 150000 600000 33800 750000 39000 -5200 Old
800000 150000 650000 44200 800000 46800 -2600 Old
850000 150000 700000 54600 850000 54600 Old or New
900000 150000 750000 65000 900000 62400 2600 New
950000 150000 800000 75400 950000 70200 5200 New
1000000 150000 850000 85800 1000000 78000 7800 New
1050000 150000 900000 96200 1050000 88400 7800 New
1100000 150000 950000 106600 1100000 98800 7800 New
1150000 150000 1000000 117000 1150000 109200 7800 New
1200000 150000 1050000 132600 1200000 119600 13000 New
1250000 150000 1100000 148200 1250000 130000 18200 New
1300000 150000 1150000 163800 1300000 143000 20800 New
1350000 150000 1200000 179400 1350000 156000 23400 New
1400000 150000 1250000 195000 1400000 169000 26000 New
1450000 150000 1300000 210600 1450000 182000 28600 New
1500000 150000 1350000 226200 1500000 195000 31200 New
1550000 150000 1400000 241800 1550000 210600 31200 New
1600000 150000 1450000 257400 1600000 226200 31200 New

*The above chart benefit is subject to that the assessee has no housing Loan. But if Deduction u/s 24 is available with assessee and is in higher tax bracket, then the Old Scheme will turn beneficial.

AMENDMENTS - word made from red foil balloons - 3D rendered.  Can be used for an online banner ad or a print postcard.

2. Insertion of Section 115BAD for Resident Cooperative Societies

The above Section has been introduced to bring Resident Cooperative Societies at par with the Domestic Companies, as the Finance Act no 2 of 2019 has given relief to domestic companies by introducing Section 115BAA. The said subsidized rate of 22% was subject to fulfilment of some conditions. Now the representations were received from stakeholders to provide concessional tax rate in case of resident co-operative societies on similar lines. Therefore, the finance bill, 2020 has proposed to introduce a new Section 115BAD with the similar conditions.

1. Option once exercised shall be applicable for that previous year and for subsequent previous years and the same is to be exercised before due date of filing of return u/s 139(1) and the option so exercised can’t be withdrawn.

2. Conditions:

i. All the conditions are the same as provided in Sec 115BAA to existing domestic companies except the deduction u/s 80JJAA is not allowed to co-operative society where as it was allowed u/s 115BAA.

ii. The Provisions of Alternate Minimum Tax (AMT) shall not apply to such co-operative societies and even the credit relating to carry forward and set off shall not apply to such co-operative society as mentioned in sec 115JC.

iii. Tax Rate 22% plus surcharge 10% and SHEC 4%.

3. If the above option is not exercised then the existing Tax Slab Rates of Cooperative Societies will continue to apply as per existing Tax Provisions.

3. Amendment in Sec 115BAA and Sec 115BAB

The finance bill 2020 proposes to allow benefit of sec 80M (Dividend Deduction) in addition to sec 80JJAA to companies opting for the concessional rates u/s 115BAA (22%) and 115BAB (15%).

Earlier, sec 115BAB was available to a company not engaged in any business other than the business of manufacture or production of any article or thing and research in relation to, or distribution of, such article or thing manufactured or produced by it. Now, Section 115BAB shall include within its ambit the companies engaged in the business of generation of electricity.

In case of Domestic companies, the income tax rate is 25% of total income, if the gross receipts or turnover is less than 400 crores or If gross receipts or turnover is more than 400 crores, the rate of income tax is 30%.

However, the domestic company can opt either of two options

Option 1 Sec 115BAA

Tax rate 22% subject to condition that turnover is less than 400 crores and no deductions u/s VIA except 80JJAA and 80M alongwith denial of some deductions as specified under business head.

Option 2 Sec 115BAB

Tax Rate 15% with the condition that the company is set up and registered on or after 01.10.2019 and commenced manufacturing or production before 31.03.2023 along with some other conditions as specified).

4. Rationalization of Provisions of startups Section 80IAC

The deduction under this section is 100% of profit & gains for eligible business for 3 Consecutive A.Y.s out of 7 years at the option of assessee. The said eligible startup must be incorporated after 1.4.2016 and before 31.3.2021 and the total turnover of business does not exceed 25 crores. The amendment is brought in this section and the turnover has been increased from 25 to 100 crores and parallelly the period of deduction for 7 years has been substituted with 10 years.

5. Amendment in Section 80EEA

The benefit of section 80EEA of the Act provide for a deduction in respect of interest on loan taken from any financial institution for acquisition of an affordable residential house property whose stamp duty value does not exceed 45 lacs. The deduction allowed is maximum one lakh fifty thousand rupees. The conditions as mentioned in that section was that loan must have been sanctioned during the period from 1st April, 2019 to 31st March, 2020. In order to continue promoting purchase of affordable housing, the period of sanctioning of loan by the financial institution is proposed to be extended to 31st March, 2021.

6. Amendment in Section 6(Residential Status Provisions)

6.1    Instances have come to notice where period of 182 days specified in respect of an Indian citizen or person of Indian origin visiting India during the year, is being misused. Individuals, who are actually carrying out substantial economic activities from India, manage their period of stay in India, so as to remain a non-resident in perpetuity and not be required to declare their global income in India.

The issue of stateless persons has been bothering the tax world for quite some time. It is entirely possible for an individual to arrange his affairs in such a fashion that he is not liable to tax in any country or jurisdiction during a year. This arrangement is typically employed by high net worth individuals (HNWI) to avoid paying taxes to any country/ jurisdiction on income they earn. Tax laws should not encourage a situation where a person is not liable to tax in any country. The current rules governing 24 tax residence make it possible for HNWIs and other individuals, who may be Indian citizen to not to be liable for tax anywhere in the world.

Section 6(1)(c) thereof provides that the individual shall be Indian resident in a year, if he

(i) has been in India for an overall period of 365 days or more within 4 years preceding that year, and

(ii) is in India for an overall period of 60 days or more in that year.

Clause (b) of Explanation 1 of said sub-section provides that an Indian citizen or a person of Indian origin shall be Indian resident if he is in India for 182 days instead of 60 days in that year. This provision provides relaxation to an Indian citizen or a person of Indian origin allowing them to visit India for longer duration without becoming resident of India. The amendment has been made only in respect of clause b of explanation 1 to sec. 6 and that is only relevant in respect of Indian citizen or person of Indian origin visiting India and not for basic conditions as mentioned in section 6(1)(a). The period of 182 days as provided in clause b of explanation 1 to sec.6 has been decreased to 120 days.

6.2  Not Ordinarily Resident redefined A person is said to be “not ordinarily resident” in India in any previous year, if such person is:

a) an individual who has been a non-resident in India in 7 out of the 10 previous years preceding that year; or

b) a HUF whose manager has been a non-resident in India in seven out of the ten previous years preceding that year

6.3 Insertion of clause 1A to section 6 by Finance bill 2021

An Indian citizen who is not liable to tax in any other country or territory shall be deemed to be resident in India. With a target to cover stateless person, it is proposed that an Indian Citizen, shall be deemed to be a resident of India for tax purposes, if he is not liable to tax in any other country or territory by reason of his domicile or residence.

7. Penalty for fake invoices by insertion of new section 271AAD

To curb the practice of obtaining fake GST invoices so as to claim the input tax credit, a new section 271AAD has been proposed to be inserted to levy a penalty of an amount equal to the aggregate amount of such fake invoices.

Therefore, it is proposed to introduce a new provision in the Act to provide for a levy of penalty on a person, if it is found during any proceeding under the Act that in the books of accounts maintained by him there is a

(i) false entry or

(ii) any entry relevant for computation of total income of such person has been omitted to evade tax liability. The penalty payable by such person shall be equal to the aggregate amount of false entries or omitted entry. It is also propose to provide that any other person, who causes in any manner a person to make or cause to make a false entry or omits or causes to omit any entry, shall also pay by way of penalty a sum which is equal to the aggregate amounts of such false entries or omitted entry.

The false entries is proposed to include use or intention to use –

(a) forged or falsified documents such as a false invoice or, in general, a false piece of documentary evidence; or

(b) invoice in respect of supply or receipt of goods or services or both issued by the person or any other person without actual supply or receipt of such goods or services or both; or

(c) invoice in respect of supply or receipt of goods or services or both to or from a person who do not exist. This amendment will take effect from 1st April, 2020

8. Abolition of Dividend Distribution Tax (DDT) Section 115- O/ 115R

Dividend from the domestic company or income from units of a mutual fund shall be taxable in the hands of shareholders or unit holders at the applicable rate and the domestic company or mutual funds shall not be required to pay any distribution tax. However, taxes shall be deducted from the payment of dividend or income of units, as the case may be. Earlier the companies were required to pay DDT and such dividend received by shareholders was exempt u/s 10(34)/10(35).

  • Further amendment is also made in section 57 by insertion of proviso that no deduction shall be allowed from such dividend income other than the interest expenses and that too shall not exceed 20% of dividend income.
  • Insertion of new section 80M to remove the cascading affect, with a change that set off will be allowed only for dividend distributed by the company.
  • Amendment in section 115BBDA which taxes dividend income in excess of ten lakh rupee in the hands of shareholder at ten per cent., to only dividend declared, distributed or paid by a domestic company on or before the 31st day of March, 2020.
  • Amendment in section 194 to include dividend for tax deduction. At the same time the rates of ten per cent. is proposed to be prescribed and threshold is proposed to be increased from Rs 2,500/- to Rs 5,000/- for dividend paid other than cash. Further, at present the mode of payment is given as “an account payee cheque or warrant”. It is proposed to change this to any mode.
  • Amendment in section 194LBA to provide for tax deduction by business trust on dividend income paid to unit holder, at the rate of ten per cent. for resident. For non-resident, it would be 5 per cent for interest and 10% for dividend.
  • Amendment in section 195 to delete exemption provided to dividend referred to in section 115-O.
  • Insertion of a new section 194K to provide that any person responsible for paying to a resident any income in respect of units of a Mutual Fund specified under clause (23D) of section 10 or units from the administrator of the specified undertaking or units from the specified company shall at the time of credit of such income to the account of the payee or at the time of payment thereof by any mode, whichever is earlier, deduct income-tax there on at the rate of ten per cent. It may also be provided for threshold limit of Rs 5,000/- so that income below this amount does not suffer tax deduction.
  • Dividend income distributed by a special purpose vehicle to business trust would be taxed in the hands of unit holder.

9. Safe harbour of 5% increased to 10% in sec. 43CA, 50C and 56

Safe harbour limit of 5% under Section 43CA, 50C and 56 has been extended to 10%. These provisions shall not apply if the stamp duty value of an immovable property does not exceed 10% of the consideration or Rs. 50,000, whichever is higher.

10. Rationalisation of provisions relating to tax audit in certain cases (Sec. 44AB)

10.1 In order to reduce compliance burden on small and medium enterprises, it is proposed to increase the threshold limit for a person carrying on business from One crore rupees to Five crore rupees in cases where,-

aggregate of all receipts in cash during the previous year does not exceed five per cent of such receipt (it is pertinent to mention here that the word here mentioned is receipts so the total collection from the debtors and sale of capital assets and other receipts should also be taken care); and

(i) aggregate of all payments in cash during the previous year does not exceed five per cent of such payment.

10.2 The explanation (ii) has also been amended by substituting the word “means” with the “date one month prior to” due date of furnishing of returns. Therefore, the audit due date other than assessee covered by transfer pricing will be 30th whereas the return filing date for such assessee other than covered by Transfer Pricing is 31st Oct. This is as per amendment made in explanation to Sec. 139(1). Furthermore, in transfer pricing audit cases the due date for uploading of audit report is 31st Oct. and whereas filing of return is 30th Nov.

  • Accordingly, it is proposed to amend provisions of section 10, section 10A, section 12A, section 32AB, section 33AB, section 33ABA, section 35D, section 35E, section 44AB, section 44DA, section 50B, section 80-IA, section 80-IB, section 80JJAA, section 92F, section 115JB, section 115JC and section 115VW of the Act.
  • Also it is proposed to remove distinction between a working and a non-working partner of a firm with respect to the due date as mentioned in Explanation (2)(a)(iii) to Sec. 139(1).
  • The amendment relating to extending threshold for getting books of accounts audited will have consequential effect on TDS/TCS provisions contained in sections 194A, 194C, 194H, 194I, 194J and 206C as these provisions fasten liability of TDS/TCS on certain categories of person, if the gross receipt or turnover from the business or profession carried on by them exceed the monetary limit specified in clause (a) or clause (b) of section 44AB. Therefore, it is proposed to amend these sections so that reference to the monetary limit specified in clause (a) or clause (b) of section 44AB of the Act is substituted with rupees one crore in case of the business or rupees fifty lakh in case of the profession, as the case may be. These amendments will take effect from 1st April, 2020.

11. TDS Provisions

11.1 Relaxations in Section 194LC

Section 194LC of the Act provides for a concessional deduction of tax at 5% by a specified company or a business trust, on interest paid to non-residents on borrowing made in foreign currency. The period of said concession deduction has been proposed to be extended to 01-07-2023 from 01-07- 2020. Further, the rate of TDS been reduced to 4% on interest payment against borrowings through issues of long-term bonds and RDB which are listed only on a recognised stock exchange in any IFSC.

11.2 Relaxations in Section 194LD

Section 194LD of the Act provides for lower TDS of 5% in case of interest payments to Foreign Institutional Investors (FII) and Qualified Foreign Investors (QFIs) on their investment in Government securities and Rupee Denominated Bonds of an Indian company. It has been proposed to extend the period of concessional TDS of 5% to 01- 07-2023 from existing 01-07-2020. Further, the concessional rate of TDS of 5% under the said section shall also apply on the interest payable to an FII or QFI in respect of the investment made in municipal debt security.

11.3 No withholding of tax at the time of ESOP’s are allotted to the employee (Sec. 192)

Currently ESOPs are taxed as perquisites and there are two points of taxation i.e. at the time of exercising the option and capital gains at the time of sales. The said tax burden leads to cash flow problem in the hands of employee as the benefit of ESOP was in kind. Therefore the TDS deduction has been deferred by amendment made by Finance Bill 2020 which is as follows:-

Deduction of tax from perquisite arising on the allotment of shares, under ESOP to an employee of a Start-up, shall be proposed to be made at the time of happening of any of the following events:

a) On expiry of 4 year from the end of the Assessment year in which ESOP are exercised;

b) At the time the employee leaves the organization; or

c) At the time of sale of shares allotted under ESOP.

Parallel amendment has been made in sec. 191 that assessee is required to pay tax if no TDS is deducted.

11.4 Fees for technical services shall be subject to 2% TDS under Section 194J

Tax under Section 194J in case of fees for technical services (other than professional services) shall be proposed to be deducted at the rate of 2% (previously it was 10%). The TDS rate in other cases including fees for professional services shall remain same.

It is noticed that there are large number of litigations on the issue of short deduction of tax treating assessee in default where the assessee deducts tax under section 194C, while the tax officers claim that tax should have been deducted under section 194J of the Act.

11.5 Amendment in Section 194A

Co-operative society having gross receipts or turnover exceeding Rs.50 crore in the previous financial year required to deduct TDS from interest if it exceeds in case of:

Senior Citizens: Rs. 50,000

Any other case: Rs. 40,000

11.6 Amendment in Section 194C

Section 194C provides for deduction of tax from payment to a resident person for carrying out any “work”. The definition of work has been proposed to be amended to provide that if any product is supplied or manufactured according to requirements of the customer, it shall fall under the category of ‘work’ even if raw material is supplied by the associated enterprise as defined u/s 40A(2)(b) of the said act of said customer.

11.7 TDS on E-commerce transactions (Sec. 194-O)

It is proposed to insert a new Sec 194-O in the Act so as to provide for a new levy of TDS at 1%. Key points of the new TDS levy are: –

TDS is to be paid by e-commerce operator for sale of goods or provision of service facilitated by it through its digital or electronic facility or platform – E-commerce operator is required to deduct tax at the time of credit of amount of sale or service, or both to the account of e-commerce participant or at the time of payment thereof to such participant by any mode, whichever is earlier – Tax at 1% is required to be deducted on the gross amount of such sales or service or both – Any payment made by a purchaser of goods or recipient of services directly to an e-commerce participant shall be deemed to be amount credited or paid by the ecommerce operator to the e-commerce participant and shall be included in the gross amount of such sales or services for the purpose of deduction of income tax.

12  Widening scope of Sec 206C to include TCS on foreign remittance through Liberalized Remittance Scheme (LRS) and on selling of overseas tour package

  • An authorised dealer receiving an amount or an aggregate of amounts of7 lakh or more in a financial year for remittance out of India under the LRS of RBI, shall be liable to collect TCS, if he receives sum in excess of said amount (7 lacs) from a buyer being a person remitting such amount out of India, at the rate of 5%. In non- PAN/Aadhaar cases the rate shall be 10%.
  • A seller of an overseas tour program package who receives any amount from any buyer, being a person who purchases such package, shall be liable to collect TCS at the rate of 5%.
  • In non-PAN/ Aadhaar cases the rate shall be 10%.

This amendment will take effect from 1st April, 2020.

Further, in order to widen and deepen the tax net, it is proposed to amend section 206C to levy TCS  on sale of goods above specified limit, as under:

  • A seller of goods is liable to collect TCS at the rate of 0.1 per cent. on consideration received from a buyer in a previous year in excess of 50 lakh rupees. In non-PAN/ Aadhaar cases the rate shall be 1 %. The above provisions are only applicable if total sales, gross receipts or turnover from the business carried on by it exceed 10 crore rupees during the financial year immediately preceding the financial year, shall be liable to collect such TCS.
  • Central Government may notify person, subject to conditions contained in such notification, who shall not be liable to collect such TCS.
  • No TCS is to be collected from the Central Government, a State Government and an embassy, a High Commission, legation, commission, consulate, the trade representation of a foreign State, a local authority as defined in Explanation to clause (20) of section 10 or any other person as the Central Government may, by notification in the Official Gazette, specify for this purpose, subject to conditions as prescribed in such notification. • No such TCS is to be collected, if the seller is liable to collect TCS under other provision of section 206C or the buyer is liable to deduct TDS under any provision of the Act and has deducted such amount. These amendments will take effect from 1st April, 2020.

13. Exempting non-resident from filing of Income-tax return in certain conditions.

It is now proposed to extend Sec 115A(5) exemption to non-residents whose total income consists only of the income by way of royalty or FTS of the nature specified in clause (b) of Sec. 115A(1) and TDS on such income has been deducted according to the provisions of Chapter XVII-B of the Act. This amendment will take effect from 1st April, 2020 and will, accordingly, apply in relation to the assessment year 2020-21 and subsequent assessment years.

14. Listing requirement of business trust on stock exchange has been relaxed

The Finance Bill 2020 has proposed that Business Trusts will not be required to get listed on a recognised stock exchange for availing the benefit of pass-through allowed under section 115UA.

15. Rationalization of tax treatment of employer’s contribution to recognized provident funds, superannuation funds and national pension scheme

  • It is it is proposed to provide a combined upper limit of Rs.7.5 lakhs in respect of employer’s contribution in a year to NPS, superannuation fund and recognized provident fund and any excess contribution is proposed to be taxable.
  • Consequently, it is also proposed that any annual accretion by way of interest, dividend or any other amount of similar nature during the previous year to the balance at the credit of the fund or scheme may be treated as perquisite to the extent it relates to the employer’s contribution which is included in total income. This amendment will take effect from 1st April, 2021 and will apply for AY 2021-22 onwards

16. Provision for e-appeal

In order to achieve the motto of faceless assessment at CIT(A) level, an appellate system with dynamic jurisdiction, in which appeal shall be disposed of by one or more Commissioner (Appeals), has been proposed. The Central Govt. may notify the scheme in this regard by 31-03-2022.

17. No stay by ITAT unless 20% of the disputed tax is deposited

It is proposed to provide that stay under the first proviso to section 254(2A) shouldn’t be provided by ITAT unless assessee deposits or furnish security for atleast 20% of the amount of tax, interest, fee, penalty, or any other sum payable under the provisions of this Act.

Further stay under second provision to section 254(2A) can only be granted on an application made by the assessee, if the delay in not disposing of the appeal is not attributable to the assessee and the assessee has deposited 20% of the amount of tax, interest, fee, penalty, or any other sum payable under the provisions of this Act. The total stay granted by ITAT cannot exceed 365 days.

18. 133A Providing check on survey operations u/s 133A

Under the existing provisions of section 133A of the Act, an income-tax authority (not below the rank of Joint Director or Joint Commissioner) is empowered to conduct survey at the business premises of the assessee under his jurisdiction.

It is proposed to amend Sec 133A(6) to provide that: –

– in a case where the information has been received from the prescribed authority, no income-tax authority below the rank of Joint Director or Joint Commissioner, shall conduct any survey under the said section without prior approval of the Joint Director or the Joint Commissioner, as the case may be;

– in any other case, no income-tax authority below the rank of Commissioner or Director, shall conduct any survey under the said section without prior approval of the Commissioner or the Director, as the case may be.

This amendment will take effect from 1st April, 2020

19. Insertion of Taxpayer’s Charter in the Act

It is proposed to insert a new Section 119A in the Act to empower CBDT to adopt and declare a  Taxpayer’s Charter and issue such orders, instructions, directions or guidelines to other income-tax authorities as it may deem fit for the administration of Charter.

20. FMV of property purchased before 01-4-2001 shall not exceed stamp duty value (Sec 55)

If the land or building is purchased before 01-4-2001, the fair market value as on that date can be taken as cost of acquisition of such property as per existing provisions of the Act. It has been proposed that such fair market value can’t exceed the stamp duty value of the property as on 01-04-2001.

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One Comment

  1. Subramanian Murthy says:

    The tax slab for the Very Senior citizen starts at 5 Lacs whereas the the proposed 115BAC puts them to tax at 5% on a slab of Rs 2.5 Lacs to Rs 5 Lacs which is directly taking away Rs 12500 of tax benefits. Is it the intent or am I Missing some explanation

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