Section 115BAC(1A) AND 115BAC(6)
T.N.REDDY (M.Com) (239 Points)
16 June 2024
sir. could any one share certain material on the above sections which are applicable from the A.Y. 2024-2025.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(167003 Points)
Replied 16 June 2024
1. https://cleartax.in/s/section-115bac-features-new-tax-regime-benefits
2. https://pib.gov.in/PressReleaseIframePage.aspx?PRID=2016754
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(167003 Points)
Replied 16 June 2024
One has to file form 10-IEA which is an application for exercise of option under section 115 BAC(6), i.e., for opting out of the new tax regime.
For business cases, form 10-IEA has been notified which can be used by taxpayers to exercise their right to choose between the old regime. By filing this form, the taxpayers can inform the income tax department of their choice regarding the tax regime.
In non-business cases, options can be exercised with return of income on or before the due date specified under section 139(1).
In case of business income, form 10-IEA should be filed on or before the due date specified under section 139(1) for furnishing the return of income.
The due date for individual/HUF/AOP/BO is July 31 and for businesses subjected to audit, the due date for filing the return is October 31.
Notably, in case you want to opt out of the new tax regime, and you fail to file the form within the due date of filing ITR, you will not be eligible to opt for the old tax regime in your ITR for the relevant assessment year.
While an individual without income from a business or profession can switch regimes each year, an individual having income from a business and profession can not switch regimes more than once in their lifetime.
So, in the case of income from a business and profession, the option to switch to the old tax regime and withdraw the option in any subsequent assessment year is available only once in their lifetime.
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