Section 115baa & 115bac

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Krishna (Querist)
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26 July 2022 Do we need to file form 10IE(115BAC)
& form 10IC (115BAA for companies) every year ?? or we need to file during 1st year of opt in ??
second query is can we opt out from this sections ??
As per my understanding 10IE is required to file for ITR 3 or 4 once while opt in n not required to file again in subsequent years. form 10IE is required to file again while opt out & once opt out we cannot again opt for section 115 BAC. Form 10 IC is required to filed only during 1st year of opt in n not required to file in subsequent years. once filed form 10IC then cannot opt out of this section. Is this correct ???

Adv. Ravish Bhatt, ADIT, CIOT

Adv. Ravish Bhatt, ADIT, CIOT (Expert)
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29 July 2022 115BAA applicable to domestic company – option once opted cannot be withdrawn (Last Proviso to s.115BAA(4). However, option may become invalid if such domestic company fails to satisfy the conditions laid down in s.115BAA(2) and in that case provisions of the Act shall apply as if option had not been exercised (Proviso to s.115BAA(1)).

115BAC as applicable to individual or HUF – Opting out of the regime for individual in business or profession, it Is allowed only once and option is not allowed to be opted again till existence of concerned business or profession and for an individual not engaged in business or profession, it is allowed on yearly basis.

Author: Advocate Ravish Bhatt
Gmail: ravishdbhatt@gmail.com
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