https://www.taxtmi.com/caselaws?id=756407 The ITAT Visakhapatnam allowed the assessee's appeal against CPC's denial of special taxation rate under section 115BAC. The Revenue denied the benefit claiming Form 10-IE was not filed for opting the New Tax Regime. The Tribunal held that Form 10-IE filing requirement under section 115BAC(5)(1) applies only to assessees with business/profession income, not salaried employees. Since the assessee was a salaried employee who properly exercised the option under section 115BAC(5)(ii) following prescribed procedures, the Tribunal set aside the Revenue's order and granted the New Tax Regime benefit. en-us Wed, 31 Jul 2024 00:00:00 +0530 Fri, 02 Aug 2024 08:12:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756407 The ITAT Visakhapatnam allowed the assessee's appeal against CPC's denial of special taxation rate under section 115BAC. The Revenue denied the benefit claiming Form 10-IE was not filed for opting the New Tax Regime. The Tribunal held that Form 10-IE filing requirement under section 115BAC(5)(1) applies only to assessees with business/profession income, not salaried employees. Since the assessee was a salaried employee who properly exercised the option under section 115BAC(5)(ii) following prescribed procedures, the Tribunal set aside the Revenue's order and granted the New Tax Regime benefit. Case-Laws Income Tax Wed, 31 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756407