LIVE GST Certification Course by CA Arun Chhajer begins 21st April. Register Now!!

How to cancel Form 10IE Filed on 30-06-2022

Leela subhashini N (Student) (70 Points)

09 July 2022

I filed Form 10IE for AY 2022-23 But yet not filed ITR For the same Assessment year.

I Want to cancel the Form 10IE already filed, Because i don't want to exercise the option referred to in sub-section (5) of section 115BAC of the Income-tax Act, 1961 (the Act) for the previous year 2021-22.

Reply
Follow
Share

9 Replies

CA Rashmi Gandhi (Chartered Accountant) (86220 Points)
Replied 10 July 2022

Select in income tax return that option u/s 115BAC not availaled

1 Like

Leela subhashini N (Student) (70 Points)
Replied 10 July 2022

Thank you sir for your reply.

I tried that option, Validation also successful, But at the time of submission of return it showing error message as once 10IE is filed you can't choose NOTOPT OPTION.

CA Rashmi Gandhi (Chartered Accountant) (86220 Points)
Replied 10 July 2022

Okk then submit 10IE again for withdraw but keep in mind that you will never opt it again

Mahesh Shah (2299 Points)
Replied 10 July 2022

You can not cancel for AY 22/23 once 10IE is filed for same AY.
However you can cancel for AY 23/24 before filing 23/24 return
Once both options exhausted. then u can in future again cannot opt for 10IE

Leela subhashini N (Student) (70 Points)
Replied 10 July 2022

Yes, Section saying like that. I am searching if any option available.

Thank you.

CA Rashmi Gandhi (Chartered Accountant) (86220 Points)
Replied 10 July 2022

Tried all options , may be someone helped

Sathish Lakkanigam (5 Points)
Replied 11 October 2022

Is Form 10IE deemed to be cancelled if i have filed original return under 115BAC (after filing 10IE) and then filed revised return under old regime?
because in subsequent assesment year(AY 22-23),it is showing an error in portal to select that 10IE was filed and 115BAC is opted

Leela subhashini N (Student) (70 Points)
Replied 21 October 2022

Form 10E can be cancelled only by filing again Form 10IE by exercising option to withdraw . But thereafter assessee can;t again exercise option under section 115BAC.