• Dr. B. S. Jaswal

Income tax is one of the leading source of income to the Government. The first Indian Income tax Act was passed in 1961. This act came into force from 1st April 1962 in whole of the country. The income tax plays an important role in elimination of economic disparities in the society. The Finance Minister of India introduced a new alternative tax regime from fiscal year 2020-21 for individual and HUF taxpayers with more tax slabs and lower tax rates but it came with a grasp of removal of all obtainable deductions and exemptions. It provides option to the individual and HUF taxpayers to opt between new VS old tax system every year.

Old tax system, New tax system, Section 115 BAC, Deductions and Exemptions.

"An Evaluation of Alternative Taxation System for Individuals and Hindu Undivided Families ", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.8, Issue 5, page no.g48-g53, May-2021, Available :http://www.jetir.org/papers/JETIR2105800.pdf

"An Evaluation of Alternative Taxation System for Individuals and Hindu Undivided Families ", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.8, Issue 5, page no. ppg48-g53, May-2021, Available at : http://www.jetir.org/papers/JETIR2105800.pdf