I have following doubt while opting 115 BAA for IT filing
1. Is it mandate to file return with in due date while a company opted 115 BAA ? What are the consequations if the company file belated return on following years when the company opted 115 BBA.
2. Can we switch in to normal regime after 5 years
It is mandatory to file Form 10-IC and your ITR by the due date under Section 139(1) to reliably claim the benefits of Section 115BAA. Once you successfully opt for this regime, it is irrevocable and cannot be withdrawn or switched back to the normal tax regime in future years.
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