Ramachandran S (Chartered Accountant) (699 Points)
08 September 2021Just now location of Form 10-IE has been shifted from "Persons not dependent on any source of income" to "Persons with business/professional income'. This indicates that Form 10-IE is nor relevant for ITR-1 and 2 as per System though this is relevant as per law. System supersedes law!
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160327 Points)
Replied 08 September 2021
No. Its not to be interpreted that way.
Government had long back announce that for ITR 1 & 2, assessee has to choose the option in ITR itself. (because they have option to choose either of the regime for each year).
While for assesses having PGBP income the option is once in life time; and hence they have to file form 10IE only twice, one while opting in and secondly while opting out.
Ramachandran S
(Chartered Accountant)
(699 Points)
Replied 08 September 2021
@ Dhirajlal Does the Income-tax Act say that Form 10-IE need not be filed for those who do not have business/professional income?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160327 Points)
Replied 08 September 2021
Question is how?
Selecting YES or NO option in ITR 1 & 2 is kind of filling the form in itself....
These assesses are filing or following the law in that manner, and the same has been as per announcement of ITD.
Ramachandran S
(Chartered Accountant)
(699 Points)
Replied 08 September 2021
@ Dhirajlal Kindly provide the link directly from CBDT website or incometax.gov.in.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160327 Points)
Replied 09 September 2021
I don't doubt the authenticity of the link. If you have any doubt about it, you may clarify by yourself.
Ramachandran S
(Chartered Accountant)
(699 Points)
Replied 09 September 2021
@ Dhirajlal I am unable to locate the link in the official website of IT dept. That's why I made this request. If not possible, o.k.
Ramachandran S
(Chartered Accountant)
(699 Points)
Replied 09 September 2021
@ Dhirajlal I am unable to locate the link in the official website of IT dept. That's why I made this request. If not possible, o.k.
GST Live Certification Course (39th Batch) - April 2024 (Weekend Batch) (With Certificate)
"Live class on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance"
CAclubindia
