From Assessment Year 2021-22, Individuals and HUFs (including Resident Individual below 60 years of age, Senior Citizen, Very Senior Citizen, Non-resident Individual, Hindu Undivided Family (HUF), Association of Persons (AOP), Body of Individuals (BOI) and Artificial Judicial Person (AJP) ) will have option for computation of income and income tax liability as per provisions of Section 115BAC. If they opt for Section 115BAC, New Tax Rates (New Regime rates) will be applicable and if they do not opt for Section 115BAC, Existing Tax Rates (Existing Regime) will be applicable.