Opting for Section 115BAC of Income Tax Act

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Suraj (Querist)
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07 September 2021 Dear All,

My queries are as follows:
1) Mr A was a salaried person during FY 2020-21. He opts for new regime at the time filing the return for FY 2020-21. Therefore whatever deductions he claimed under old regime will not be available now. He is now supposed to file Form 10IE... right? when this form is required to file? Before or after the filing of IT return?

2) He left his job in March 2021 itself and has started new business. Then can he switch to old regime in FY 2021-22? and if yes, whether he is required to file form 10E when he files return for FY 2021-22??

Kindly guide me.

Regards,
Suraj

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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08 September 2021 1. For AY 2021-22, when he is filing ITR 1 or ITR 2, he is not required to file form 10 IE. Just selecting the option in return is available; that is enough.
2. For AY 2022-23, when he files ITR 3 or ITR 4 and opting new regime, he need to file Form 10IE before filing the return..

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Suraj

Suraj (Querist)
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10 September 2021 Thank you Rambhia Sir.....

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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22 September 2021 Most Welcome ...

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