If in Form 3CB 3CD for FY 2021-22 of a Proprietorship Firm, The option "No" is selected in clause 8(a) "Whether the assessee has opted for taxation under section 115BA / 115BAA/115BAB / 115BAC /115BAD
Now the assessee want to file the ITR in the new regime u/s 115BAC .
Do the auditor have to revise the Tax Audit Form before filing ITR of the firm?
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Quick Summary
This discussion addresses a proprietorship firm that initially selected 'No' for Section 115BAC in their FY 2021-22 Form 3CB-3CD but now wishes to file their Income Tax Return (ITR) under the new regime. It clarifies that revising the Tax Audit Report is unnecessary. However, filing Form 10IE is mandatory before submitting the ITR, provided this is the first time opting for the new regime. The deadline for Form 10IE remains unchanged, even with extensions for ITR filing.