Customs Broker association membership becomes mandatory in the operating jurisdiction, with exclusive membership and limited compliance-time relaxatio...
Section 115BAC permits a person with business or professional income to continue under the new tax regime in subsequent assessment years once the option has been validly exercised in the prescribed manner, unless it is withdrawn under the statutory proviso. The text explains that a valid Form 10-IE filed for an earlier assessment year sustains the option, and an inadvertent error in a later return stating an incorrect first year of exercise should not negate that continuing entitlement. It notes that tax computation for the relevant year should therefore follow the new regime where no withdrawal has occurred.
Section 115BAC permits a person with business or professional income to continue under the new tax regime in subsequent assessment years once the option has been validly exercised in the prescribed manner, unless it is withdrawn under the statutory proviso. The text explains that a valid Form 10-IE filed for an earlier assessment year sustains the option, and an inadvertent error in a later return stating an incorrect first year of exercise should not negate that continuing entitlement. It notes that tax computation for the relevant year should therefore follow the new regime where no withdrawal has occurred.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
Join Channel
TaxTMI 
