Individuals are able to pay income tax at a reduced rate thanks to Section 115BAC. However, anyone who choose the new tax system under Section 115BAC must forgo almost 70 tax exemptions and deductions.

For AY 2023–24 (FY 2023-23), the Central Board of Direct Taxes CBDT has released income tax return forms (ITR-1–ITR-6). The CBDT informed...