Filing of Form 10IE in case of a person with business income

This query is : Resolved

LAVINA CLETA D'SILVA (Querist)
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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.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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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.

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Filing of Form 10IE in case of a person with business income

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