As per Section 115BAC(1A) Tax Rate applicable to Individual is as under: Total income Rate of tax Upto ₹ 3,00,000 Nil From ₹ 3,00,001 to ₹ 6,00,000 5 % From ₹ 6,00,001 to ₹ 9,00,000 10 % From ₹ 9,00,001 to ₹ 12,00,000 15 % From ₹ 12,00,001 to ₹ 15,00,000 20 % Above ₹ 15,00,000 30 % Starting from AY 2024-24 above will be default rate to an Individual. As per Section 115BAC (1A), following deductions or exemptions are not available 1. Section 10(5) Leave Travel Allowance 2. Section 10(13A) i. e. House Rent Allowance 3. Section 10(14) allowance to meet expenses like travel, conveyance etc. 4. Section 10(17) daily allowance to MP, MLA 5. Section 10(32) Minor child income upto ₹ 1500 per child. 6. Section 10AA newly established units in SEZ 7. Secti