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Section 139(5)

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Jyoti Narang

Kkk

885 Points Posted on 23 June 2022

if a person not opted for 115 bac at the time of filling of return u/s 139(1) can he opt for 115bac by filling revised return u/s 139(5).

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Quick Summary

This discussion explores whether an individual can opt for the new tax regime (Section 115BAC) by filing a revised return under Section 139(5) if they didn't choose it in their original return. Generally, if the option isn't exercised initially, it cannot be chosen later via a revised return. While salaried individuals have annual flexibility, those with business income can only switch once. Opting for the new regime requires filing Form 10IE before the ITR due date.

CA Puja Sharma

Chartered Accountant

3528 Points Posted on 23 June 2022

In my opinion, you cannot opt for a new tax regime by filing a revised return. Where no option has been exercised by the assessee to choose a new tax regime while filing the original return of income filed u/s 139(1) of the Act, it cannot be chosen by filing a revised return u/s 139(5)

In the case of salaried employees, they can switch from a new tax regime to an old tax regime or vice versa every financial year. But this option is allowed only once to a taxpayer who is having a business income.

If a taxpayer opts for a new tax regime then he has to file Form 10IE with the dept. after the end of the FY and before the filing of ITR within the due date.