Tax audit and section 10 ie

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This discussion clarifies whether an assessee liable for a tax audit under Section 44AB can opt for the new tax regime under Section 10IE. Experts confirm this is possible, provided Form 10IE is filed before the tax return. However, once the new regime is chosen, it must be continued, as opting out means you cannot re-elect it in the future. Similarly, opting out of the new regime is only possible in the subsequent assessment year.

UBEIDULLA

UBEIDULLA (Querist)

15 September 2022 An assessee liable to tax audit u/s 44 AB, has opted for new regime under 10 ie.
Can he get tax audit report and file under the new regime?
I request the experts to Kindly clarify.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

15 September 2022 Yes, But you have to file Form 10IE before filing return. Secondly, once you file under new regime you need to continue it, as once you opt out of new regime, you will not be able to opt in again.

UBEIDULLA

UBEIDULLA (Querist)

21 September 2022 Form 10 IE Filed for asst year 2022-23. Can he opt out from the new regime in the same year.
Can the experts kindly provide their opinion?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

21 September 2022 No. He can opt out only in next AY. Once opted out, he cannot opt it again.

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