Prolonged sterilisation of development rights supports capital-gains treatment, while business-income disallowances cannot govern capital-gains comput...
Additional evidence in transfer pricing dispute leads to fresh examination, while tax deductions, TDS credit, fee and refund interest require verifica...
Category II AIF pass-through taxation preserves non-business income character; investment receipts cannot be reclassified without applying recognised ...
Mutual fund maturity rules require proper rollover, redemption, disclosure, and due diligence; investor gains cannot excuse regulatory breaches or pen...
Threshold exemption excludes exempt services, while stamp-paper purchases avoid reverse charge; consequential service tax penalties were also set asid...
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regime in subsequent assessment years once the option has been validly exercised in the prescribed manner, unless it is withdrawn under the statutory proviso.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regime in subsequent assessment years once the option has been validly exercised in the prescribed manner, unless it is withdrawn under the statutory proviso.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 
of 4792
Join Channel
TaxTMI 
