New Taxation Regime u/s 115BAC

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This discussion clarifies the new taxation regime under Section 115BAC, specifically for individuals with business and professional income. It addresses whether such individuals can opt for this new regime and the implications of their choice. Key points include the compulsory filing period if the new regime is chosen and the permanence of the decision once made, with a provided link to official clarification.

SHRUTI AGARWAL

SHRUTI AGARWAL (Querist)

11 December 2021 Question No. 1 – Can a person having income from the Business and Profession can opt for new taxation regime?
Question No. 2 – If a person having income from the Business and Profession opts for new taxation regime than for how many years he has to compulsory file his return of income in new taxation regime?
Question No. 3 – If a person having income from the Business and Profession does not opts for new taxation regime for the A.Y. 2021-22 does he will continue to have the option to opt for the new taxation regime in the next A.Y. 2022-21?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

11 December 2021 1 yes.
2 Once opted for new scheme can't opt out.
3 yes.

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SHRUTI AGARWAL

SHRUTI AGARWAL (Querist)

11 December 2021 sir can you please give the link of the circular or notification mentioning that once the new taxation regime is opted than subsequently it can't be opted out?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

11 December 2021 See the link.
https://www.indiafilings.com/learn/cbdt-clarification-on-section-115-bac-of-income-tax-act/

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