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Option to avail new scheme. u/s 115 B AC

04 February 2022

shall we avail option to new scheme under IT 115 BAC now.
when return was filed after due date 31 st dec not eligible to avail
is it correct

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5 Replies

sabyasachi mukherjee (27117 Points)
Replied 04 February 2022

Sec 115BAC IS ADVANTAGEOUS FOR INDIVIDUALS IN HIGHER TAX BRACKET OR INDIVIDUALS WHO HAVE NO OPTION TO SAVE TAX IN THAT CASE BENEFITS OF CERTAIN DEDUCTION CEASE TO EXIST.

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prasad Nilugal ( GST Practitioner & Accounts ) (14546 Points)
Replied 04 February 2022

Reply to query not acceptable .

Nidhi (Chief Accountant) (3150 Points)
Replied 04 February 2022

U can avail, it doesn't matter if u r filing within due date of after that.

sabyasachi mukherjee (27117 Points)
Replied 05 February 2022

Please mention the assesment year otherwise assesment cannot be made.

Eswar Reddy S (CFO- at NHTF) (58263 Points)
Replied 06 February 2022

The motive of the scheme is to compare with old scheme & whichever beneficial can be availed..

For salaried category , employer already submit the tax payers scheme well in advance.

But to avail new regime , you have to file ITR before deadline, they may change this provision.

By default you wi be in old regime .You file return under old scheme : belated returns by availing deductions & exemptions