ITR u/s 139(8A)

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Sulafa S.V (Querist)
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01 March 2023 The assessee has opted 115BAC last year. But an error as shown "opting for New Tax Regime is not allowed for assesses filing ITR u/s 139(8A) for first time as the due date of opting same is lapsed" is coming while trying to upload the updated return. Please help me on this.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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01 March 2023 When original return was processes under old regime, you cannot change into new regime while revising return under sec. 139(8A) of the act.

Sulafa S.V

Sulafa S.V (Querist)
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02 March 2023 The assessee has not filed original return during the FY 2021-22.

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Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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02 March 2023 In that case you are not at all eligible for new tax regime. Form will be accepted under default provision, i.e. under old tax regime only.

Sulafa S.V

Sulafa S.V (Querist)
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02 March 2023 Sir,
In this case, the assessee has opted 115BAC last year and filed Form 10-IE within due date of filing ITR. As per 115BAC(5) , this option once opted by filing Form 10-IE in an assessment year is applicable to subsequent years also. Hence, in such cases, Form 10-IE need not be filed again in AY 2022-23 to continue 115BAC option. Sir, is that right?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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02 March 2023 Yes, you are correct, but are you filing ITR for AY 2022-23? Then wait till 1st April 2023.

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Sulafa S.V

Sulafa S.V (Querist)
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04 March 2023 Ok sir, thank you for your response.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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04 March 2023 You are welcome.

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Sulafa S.V

Sulafa S.V (Querist)
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25 April 2023 Sir, can we revise form 10E for AY 2022-23?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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25 April 2023 You can file it again (with correction, if any) before filing updated return for AY 2022-23.

Sulafa S.V

Sulafa S.V (Querist)
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25 April 2023 Ok sir, thank you for your response.

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Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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25 April 2023 My Pleasure.

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Sulafa S.V

Sulafa S.V (Querist)
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25 April 2023 Sir, the assessee has already filed form 10E 2 times. But, there are discrepancies in both 10E. So, is there any issue for filing form 10E again?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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25 April 2023 No problem to rectify it (to correct values) before filing ITR again.

Sulafa S.V

Sulafa S.V (Querist)
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25 April 2023 Thank you for your response.

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Sulafa S.V

Sulafa S.V (Querist)
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29 April 2023 Sir, the assessee society did not file return of income before the due date but filed the return after issue of notice u/s.148 for the AY 2016-17. Can the assessee claim deduction u/s 80P of the Income Tax Act?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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30 April 2023 Not allowed. The amendment to Section 80AC with effect from 1.4.2018, mandated that for an assessee to get a deduction under Section 80P of the IT Act, he had to furnish a return of his income for such assessment year on or before the due date specified in Section 139(1) of the IT Act. In other words, after 1.4.2018, even if the assessee makes his claim for deduction under Section 80P in a return filed within time under Sections 139(4), 142(1) or Section 148, he will not be allowed the deduction, unless the return in question was filed within the due date prescribed under Section 139(1).