Include a new section 115 BAC in the 2020 budget for the fiscal year 2022-23. This section 115BAC contains an option that allows you to continue the old tax regime with all income tax exemptions as of the financial year 2021-22 and opt for a new tax regime except for all tax exemptions on the income as in the previous financial year. Therefore, As per the budget, a new U/s tax label has been specified under 115BAC which was introduced in the 2020 Budget . In other words,, As per the new Section 115BAC…