Festive Savings Are Here. Get 10% OFF on All CCI Pro Plans. Subscribe Now!

Form 10ie of new scheme for other than business head income

510 views

Save Share

pooja

taxpracticing

103 Points Posted on 12 September 2021

hello everyone,
1 I want to know that one of my client has other sources Income only under new scheme so weather he require form 10 IE or not for new scheme for ITR

2 adding in above question if along with other source he has business income than form 10ie is compulsory right....so can he go for change in new scheme next year say old scheme if beneficial for him ....or once adopted new scheme than can not go back...please answer

thank you

Replies (3)

Quick Summary

This discussion clarifies the requirement of Form 10IE for individuals with 'other sources' income under the new tax scheme. For those filing ITR 1 or ITR 2 without business income, simply indicating your choice in the ITR form is sufficient; a separate Form 10IE isn't necessary. However, if business income is present, Form 10IE is compulsory. The new tax scheme offers a one-time opportunity to opt out for those with business income, but once opted out, re-entry is not permitted during one's lifetime.

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

121543 Points Posted on 12 September 2021

1. For assessee not having business income; who file ITR 1 or ITR 2; form 10IE not necessary to file separately. Just acceptance or denial of new tax regime, in questionnaire provided in the beginning of ITR form; is enough.

2. For assessee having PGBP income, the opportunity is for once in lifetime. They are required to file the form separately; twice: once while opting in & second time while opting out. So, once opted out, no question of re-opting it.

pooja

taxpracticing

103 Points Posted on 12 September 2021

Ok thank you sir....
but if next year he can change scheme by filling oputed in or opted out .....on year to year basis....right

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

121543 Points Posted on 12 September 2021

Yes. But only for non Business/Professional income Assessee, filing ITR 1 or ITR 2

For Business/Professional income earners, once opted the new regime by filing form 10IE, he can continue with new regime for any years, till he wishes. But once he decides to opt out, he has to file form 10IE again for opting out from new regime. After that he is not allowed to opt it again during his lifetime. (This is present condition; which is subject to change, if FM wishes so.)