NEW SCHEME OF TAXATION 115 BAC

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The new tax scheme, 115 BAC, can be opted into when filing your Income Tax Return (ITR) 1 or 2, even without business income. You only need to file a separate Form 10-IE if you have income from a business or profession (PGBP) or are filing ITR 3 or 4. This means most individuals can choose the new regime directly within their tax return.

CA Rapunzel

CA Rapunzel (Querist)
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28 August 2021 If I dont have business income, I cant opt for the new scheme of taxation?
I am having a benefit of Rs. 40,000 ,But not able to file form 10IE as its asking for any business or profession income.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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28 August 2021 Option to opt for the new tax regime will be available for the taxpayers filing return of ITR 1 or ITR 2 in the return itself.

There is no need for separate filing of Form 10-IE, UNLESS THERE IS ANY INCOME FROM PGBP OR FOR FILING ITR 3 OR ITR 4

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CA Rapunzel

CA Rapunzel (Querist)
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28 August 2021 THANK YOU SIR FOR THE REPLY

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