New Taxation Regime u/s 115BAC
This query is : Resolved
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?
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?
11 December 2021
1 yes.
2 Once opted for new scheme can't opt out.
3 yes.
2 Once opted for new scheme can't opt out.
3 yes.
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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?
11 December 2021
See the link.
https://www.indiafilings.com/learn/cbdt-clarification-on-section-115-bac-of-income-tax-act/
https://www.indiafilings.com/learn/cbdt-clarification-on-section-115-bac-of-income-tax-act/
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