Query on Tax regime
This query is : Resolved
26 July 2021
Dear Expert,
I had submitted all documents to claim deduction u/s 80C to my employer and my employer has deducted TDS as per old Tax Regime.
But, now I calculated my Tax as per New Tax Regime, where I have lesser tax liability in comparison of old Tax Regime. I have income from business and profession u/s 44AD also.
Please guide, can i file ITR as per New Tax Regime ?
I had submitted all documents to claim deduction u/s 80C to my employer and my employer has deducted TDS as per old Tax Regime.
But, now I calculated my Tax as per New Tax Regime, where I have lesser tax liability in comparison of old Tax Regime. I have income from business and profession u/s 44AD also.
Please guide, can i file ITR as per New Tax Regime ?
26 July 2021
Yes, you can file ITR as per new tax regime.
27 July 2021
Yes, you may opt for new regime. But since you have professional income, after opting in (at present), once you opt out (in subsequent years), you will not be able to opt in subsequently till you don't have any more professional/business income.
27 July 2021
You will not be able to opt in subsequently till you don't have any more professional/business income.
Please give me any such clause in the Act/ Rules.
Please give me any such clause in the Act/ Rules.
27 July 2021
@CA R Seetharaman
Is the above reply addressed to me?
Is the above reply addressed to me?
27 July 2021
Yes, to you only.........
27 July 2021
Refer proviso to section 115BAC(5)
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CG Tax On residential property
- Applicable TDS for Purchase of Flat from NRI
- Claiming exemption of perquisite for employee-owned car under New Tax Regime in ITR-2
- Gift of mutual fund units to daughter
- PPF interest-As Exempt Income disclosure
- Under construction property in ITR
- Pass word to open justification report for Q1 for FY 2026-27
- Building tax payment deduction in rental Income
- NRI ITR2 account in 2025-26 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,.
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
