Regarding Sec.115BAC of Income Tax Act,161

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This discussion explores whether an assessee can opt into or out of the new tax regime under Section 115BAC of the Income Tax Act, 1961. The specific scenario involves filing the FY 2020-21 return under the new regime by the due date, but filing the FY 2021-22 return after the due date. It clarifies that if Form 10IE was filed on time for AY 2021-22, you might still be eligible for the new regime for AY 2022-23, but a late belated return for AY 2022-23 would prevent this.

PADARTI SUBBA RAO

PADARTI SUBBA RAO (Querist)

09 January 2023 An assesee having business income filed Income tax Return Opting new sec.115 BAC of Income Tax act, 1961 for the F.Y.2020-2021. But in F.Y.2021-2022 Income tax return was not filled with in the due date for the same assessee but filed after due date. In this case can we opt New sec.115 BAC or opt out from new sec.115BAC. In summary, in one F.Y.2020-2021 filed income tax return by opting new sec.115BAC with in the due date after next F.Y.2021-2022 return filed after due date. In this case new sec.115BAC can opt or not. Thanks in Advance.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

09 January 2023 When was form 10IE filed? on which date?
Whether the assessment for AY 2021-22 (FY 2020-21) was accepted under new tax regime?

PADARTI SUBBA RAO

PADARTI SUBBA RAO (Querist)

10 January 2023 Yes, form 10IE Was filed on 15.02.2022 i.e. before due date for tax audit case.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

10 January 2023 If the form was filed only once in life time, you were eligible to file ITR for AY 2022-23 under new regime.
But now you cannot file even belated return for AY 2022-23...

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