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This paper introduces a new point depletion-based source term calculation code named BESNA (Bateman Equation Solver for Nuclear Applications), which is aimed to estimate nuclide inventories and source terms from spent nuclear fuels. The BESNA code employs a new modified CE/CM (Constant Extrapolation – Constant Midpoint) predictor-corrector scheme in depletion calculations for improving computational efficiency. In this modified CE/CM scheme, the decay components leading to the large norm of the depletion matrix are excluded in the corrector, and hence the corrector calculation involves only the reaction components, which can be efficiently solved with the Talyor Expansion Method (TEM). The numerical test shows that the new scheme substantially reduces computing time without loss of accuracy in comparison with the conventional scheme using CRAM (Chebyshev Rational Approximation Method), especially when the substep calculations are applied. The depletion calculation and source term estimation capability of BESNA are verified and validated through several problems, where results from BESNA are compared with those calculated by other codes as well as measured data. The analysis results show the computational efficiency of the new modified scheme and the reliability of BESNA in both isotopic predictions and source term estimations.