Section 115BAC

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This discussion clarifies the conditions for opting into the Section 115BAC new tax regime. It explains that if Form 10IE is required, it must be filed before the due date for the return. However, if Form 10IE is not needed, the new regime cannot be chosen if the tax return is filed belatedly.

Peter Pamatthai

Peter Pamatthai (Querist)
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08 February 2022 Dear sir - Is it covered by Law that option to take benefit of section 115BAC can be exercised only if the Return is filed before due date? Pls exlain the situation where option is exercised by submitting Form 10IE before due date and subsequently Return is submitted belatedly - Thank you sir

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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08 February 2022 If form 10IE has been accepted by the system, then you can file return u/s. 139(4) of IT act.

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Peter Pamatthai

Peter Pamatthai (Querist)
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09 February 2022 dear sir Thank very much for the answer given . I feel you have left the first part of the query ie where is it mentioned that this option cannot be exercised after due date of return u/s 139(1) . It is not seen in that section 115BAC .

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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09 February 2022 Yes, I have read it and answered accordingly. Is the form 10IE filled before due date?

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Peter Pamatthai

Peter Pamatthai (Querist)
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09 February 2022 DEAR SIR - I AM SORRY FOR HAVING CONFUSED YOU A BIT . ACTUALLY I WANT TO KNOW IN A CASE WHERE FORM 10IE IS NOT REQUIRED AND IF RETURN IS BELATED , CAN WE OPT NEW REGIME ie AFTER DUE DATE - THANK YOU

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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09 February 2022 No. In that case, it is not possible to opt for new regime.

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Peter Pamatthai

Peter Pamatthai (Querist)
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10 February 2022 Thank you very much sir

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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10 February 2022 Most Welcome ...

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