Clarification in respect of option exercised under section 115BBA of the Income-tax Act, 1961

The Taxation Laws (Amendment) Ordinance, 2019 (the Ordinance) has been promulgated by the President of India on September 20. 2019, lbc Ordinance. inter alia. inserted a new section 115BAA in the Income-Tax Act. 1961 (the Act) wilh effect from April 1. 2020.