I did not opt 115BAC while filling my ITR-1, but now I want to revise my ITR-1 and opt for 115BAC, can I do so?
4 Replies
sabyasachi mukherjee
(27574 Points)
Replied 19 February 2022
It is not possible.
If you want to opt for Sec 115BAC then you are supposed to discontinue the investment made earlier in seperate insurance oŕ bonds.Then you have to fill up the required form.
If you want to opt for Sec 115BAC then you are supposed to discontinue the investment made earlier in seperate insurance oŕ bonds.Then you have to fill up the required form.
I M Virani
(N.A.)
(97 Points)
Replied 20 February 2022
Yes, I am willing to forgo the deductions; but my query is whether I can switch to 115BAC in revised ITR-1, if I had not opted in the original ITR-1?
debora M
(BUSINESS DEVELOPMENT MANAGER)
(1697 Points)
Replied 21 February 2022
The Finance Act 2020 has inserted a new section 115BAC Income Tax Act, wherein an individual gets an option to choose between the actual tax rates and the new concessional tax rates without considering prescribed exemptions or deductions.
An employee, having income other than the income under the head “profits and gains of business or professions” and intending to opt for the concessional rate under section 115BAC of the act, may intimate the deductor, being his employer, of such intention for each previous year and upon such intimation, the deductor
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