Filing of Form 10IE in case of a person with business income
This query is : Resolved
LAVINA CLETA D'SILVA
(Querist)
20 October 2022
A person having business income who has opted for 115BAC in a financial year 2020-21( AY 2022-23). He has also filed Form 10IE within the due date for the AY 2021-22. However, the said person has not filed his return of income within the due date for the financial year 2021-22 relevant to the Assessment year 2022-23.
query 1 : will the option to opt for 115BAC be available to him for the Assessment year 2022-23
query 2: If yes, should he have filed form 10 IE before due date or does the form 10IE filed for assessment year 2021-22 be valid for the assessment year.
query 3: If no, then will it be considered as opting out of 115 BAC. In such a scenario, what are the requirements - will be automatic withdrawal from 115BAC or is it mandatory to file form 10IE for withdrawal - as due date u/s 139(1) has expired. what should be done.
query 1 : will the option to opt for 115BAC be available to him for the Assessment year 2022-23
query 2: If yes, should he have filed form 10 IE before due date or does the form 10IE filed for assessment year 2021-22 be valid for the assessment year.
query 3: If no, then will it be considered as opting out of 115 BAC. In such a scenario, what are the requirements - will be automatic withdrawal from 115BAC or is it mandatory to file form 10IE for withdrawal - as due date u/s 139(1) has expired. what should be done.
20 October 2022
1. Yes.
2. No need to file form 10 IE again. Just select 'continuing the new regime' in ITR.
3. Not applicable.
2. No need to file form 10 IE again. Just select 'continuing the new regime' in ITR.
3. Not applicable.
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