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Filing form 10-IF

03 October 2021

Can somebody please guide on filing Form -10IF? I am unable to locate the form in the income tax account of CHS. Is the form available on portal for online filing? We want to opt for 115BAD but form is not seen anywhere.

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22 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177756 Points)
Replied 03 October 2021

Which ITR you want to file?

ITR 3/4?

Or ITR 1/2?

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Mohan Kale (376 Points)
Replied 03 October 2021

ITR-5

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177756 Points)
Replied 03 October 2021

The new tax regime is available for individuals and HUFs with lower tax rates ............ not for other entities...

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177756 Points)
Replied 03 October 2021

As per this section, the Co-operative Society have an option to opt for new tax regime under the act; so are you filing ITR for Co op soc.?

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177756 Points)
Replied 03 October 2021

Whether ITR 5 or ITR 7 is applicable in your case?

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177756 Points)
Replied 03 October 2021

After login to e-filing site, select tab "Income Tax Forms' Under "e-File"

Select 'File Income Tax Forms'...... select the category applicable to you......... ....

Mohan Kale (376 Points)
Replied 03 October 2021

1.As per section 115BAD, new tax regime is applicable to co-operative societies as well.
2.Yes, I am filing ITR-5 for co-operative housing society.
3.Already checked number of times, but form 10-IF is not seen in any option (This form is not available even on incometaxindia.gov.in). And one cannot exercise new regime without filing this form.

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177756 Points)
Replied 03 October 2021

File Complaint under Grievances, for availability of form...

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177756 Points)
Replied 03 October 2021

As this is one time option available to CHS, I think the option should be linked with form ITR 5 itself (The way assessee filing ITR 1 & ITR 2 are not required to file form 10IE separately.)

So, check the ITR for its option (in Questioner), & try to file ITR directly, without filing form separately.....

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Mohan Kale (376 Points)
Replied 03 October 2021

Ok, will try both. But I guess, the firm is not linked with ITR. It is surprising that there is no clarity on many issues from authorities concerned. Every thing is messed up. Thanks for your reply.

I also have a query about advance tax and interest for default in paying advance tax. Interest is charged for default in due instalments of advance tax. Don't you think it is injustice with tax payers? Tax payer ends up paying interest for default for the quarter in which he may not have earned income. The taxable income is averaged through out the year and default is calculated under current provisions. This needs to be amended.

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177756 Points)
Replied 03 October 2021

Here we can say that there are two types of income, first regular income like salary, & second occasional like capital gains, lottery winning etc.

So, the averaging is only for income of regular ones; & not of second type.

So, overall it has been tried to justify the tax liability with interest calculation; but if anyone has better solution, it can be suggested.

Mohan Kale (376 Points)
Replied 03 October 2021

For regular income earners the current system is workable but for businesses or house property income earners who earner income irregularly on lumpsum basis, this is not workable. Sometimes business do not earn any income or suffer loss in first few months and thus miss advance tax instalment but in later part of the year they make profit and still have to pay interest for default in advance tax. This needs to be given a thorough thought. Business condition does not remain same through out the year and so penalising for such defaults is not justifiable in my view.

A quarterly financial report should be taken into account for determining advance tax default and not yearly. But the problem is hiw to integrate it while preparing computation of tax and put it on record. Far most important, how the bell the cat for this?