Forgot to File Form 10IE

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This discussion addresses a common tax query about forgetting to file Form 10IE when opting for the new tax regime. It clarifies that Form 10IE is only required for those with business income. For individuals without business income, filing a revised return on the same day, selecting the new regime, can resolve a tax demand order. The advice confirms that a revised return can be filed up to 31st March to rectify the situation.

SUDHEEP M

SUDHEEP M (Querist)
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25 March 2022 Sir,

I have filed my income tax return on 31-12-2021 by opting Tax payable under new Regime. But I forgot to file form 10IE till now. Now I have received a demand order to pay the balance amount of tax. Whether I have any option to file form 10IE right now. Is there have any solution for the said case?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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25 March 2022 Are you having business income.

SUDHEEP M

SUDHEEP M (Querist)
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25 March 2022 No Sir. No business income for the financial year 2020-21

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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25 March 2022 No need to file 10IE in your case. File revised return opting new regime same day it will be processed with nil demand.

SUDHEEP M

SUDHEEP M (Querist)
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26 March 2022 Explanation.—For the purposes of this sub-section, the term "Unit" shall have the meaning assigned to it in clause (zc) of section 2 of the Special Economic Zones Act, 2005 (28 of 2005).

(5) Nothing contained in this section shall apply unless option is exercised in the prescribed manner by the person,—

(i) having income from business or profession, on or before the due date specified under sub-section (1) of section 139 for furnishing the returns of income for any previous year relevant to the assessment year commencing on or after the 1st day of April, 2021, and such option once exercised shall apply to subsequent assessment years;

(ii) having income other than the income referred to in clause (i), alongwith the return of income to be furnished under sub-section (1) of section 139 for a previous year relevant to the assessment year:

But such a provision not there in section 115BAC

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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26 March 2022 No problem proceed as suggested before 31st March which is the due date for filing revised return.

SUDHEEP M

SUDHEEP M (Querist)
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09 April 2022 Thank you sir for your valuable reply. I have revised the ITR as per your guideline and processed with no demand due.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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09 April 2022 Welcome. Good to know it.

Sunil Kumar Sharma

Sunil Kumar Sharma (Expert)
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19 February 2023 I had Filed Business Income ITR choosing new regime by filing 10 I E Form in A Y 2021-2022. During A Y 2022-23 I Filed Business Income ITR but opting old Regime but did not file 10 I E to go back to old regime. Assessing officer sent notice calculating Tax based on New Regime . I have opted for old Regime while filing ITR of A Y 2022-23, but didn't file 10 I E to change from New regime to Old regime.

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