Quick Summary
Vide CBDT Notification No. 43/2023 dated 21.06.2023, a new Rule 21AGA has been inserted to implement changes announced in the FY24 budget and to set out the modalities for taxpayers who wish to switch between the old and new regimes. From AY 2024-25 and onwards, the option to be exercised shall be,
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FAQ :
Rule 21AGA has been introduced, making it mandatory for taxpayers to file Form 10-IEA when switching between the old and new tax regimes from AY 2024-25 onwards.
For individuals with income from business or profession, Form 10-IEA must be furnished electronically on or before the due date for filing the income tax return for the relevant assessment year.
Individuals not having income from business or profession will exercise their option to switch tax regimes within their income tax return to be furnished under section 139(1) for the relevant assessment year.
Form 10-IEA shall be furnished electronically, either using a digital signature or an electronic verification code (EVC).
Yes, the rate of depreciation for any block of assets entitled to more than 40% is now restricted to 40%. Unabsorbed depreciation attributable to additional depreciation can be added to the WDV as of 01-04-2023 if income is taxable under section 115BAC(1A).
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