The Finance Act of 2020 included a new section, 115BAC, that created a new tax regime. The primary characteristic of this new system is reduced tax rates when compared with the existing slab rates. However, assesses adopting the new tax regime must sacrifice around 70 exemptions and deductions under Section 80. The new tax regime was introduced at the beginning of assessment year 2021-22. It applied to individuals and HUFs irrespective of their ...
