FORM 10IE WITHDRAWAL

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A client who previously opted for the new tax regime and filed Form 10IE for two years wishes to revert to the old tax regime. However, attempts to file Form 10IE for withdrawal have been denied, citing previous filings. The client uses ITR 3 and has income under the PGBP head. Guidance is sought on how to successfully withdraw Form 10IE for AY 2023-24, specifically concerning the correct completion of section 4 regarding prior year option exercise.

VIKAS KUMAR SHARMA

VIKAS KUMAR SHARMA (Querist)

26 July 2023 Sir,
one of my client opted new tax regime filed 10IE for previous 2 years now he wish to move old tax regime but when we try to file form 10IE (withdrawal) it denied your are opted 10IE for previous 2 years.
please guide how to withdrawal Form 10IE for ay 2023-24

Dhirajlal Rambhia

Dhirajlal Rambhia

(Expert)

26 July 2023 Does the client have any income from PGBP head?

VIKAS KUMAR SHARMA

VIKAS KUMAR SHARMA (Querist)

26 July 2023 YES SIR
WE ARE FILLING ITR 3

Dhirajlal Rambhia

Dhirajlal Rambhia

(Expert)

26 July 2023 Check if the section is properly filled...

4. (i) Whether option under clause (i) of sub-section (5) of section 115BAC has been exercised in Form 10-IE for any earlier previous year/ years and is now being withdrawn (to be activated if withdrawal option is selected) : Yes/No
(ii) If yes, previous year in which option was exercised : 20....-20.....
(iii) Date on which option exercised in Form 10-IE : d/mm/yyyy

Dhirajlal Rambhia

Dhirajlal Rambhia

(Expert)

13 September 2024 Good luck.

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