Section 115BAC was introduced during the speech on the union budget 2020 by the Finance Minister. The insertion of section 115BAC was effective from the financial year 2020-21 (AY 2021-22).  Taxpayers opting for the new tax regime must be familiar with section 115BAC of the income tax act 1961. For That. Read On.. What is section 115BAC? Section 115BAC is a provision added to the income...