TaxTMI 
TaxTMI 
Section 115BAA option exercised in Form No.10IC
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....ection 115BAA option exercised in Form No.10IC<br> Query (Issue) Started By: - Himatlal Pandit Dated:- 29-1-2021 Last Reply Date:- 4-2-2021 Income Tax<br>Got 2 Replies<br>Income Tax<br>One of our comp....
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....any clients having turnover below ₹ 400 cr. , has exercised option u/s.115BAA (22% Income tax rate) for A.Y.2020-21 in form no.10IC. Once option exercised for the particular year can it be withd....
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....rawn by the Assessee Company and to get to be assessed under First Schedule to the Finance Act as per old Provision for claiming additional depreciation and MAT Credit u/s.115JAA? Company having turno....
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....ver below ₹ 400 cr. wants to pay tax under normal provision of the act i.e income tax rate @ 25% or once it exercised option u/s.115BAA then it can not pay tax under normal provisions. Please Ex....
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....plain. Reply By DR.MARIAPPAN GOVINDARAJAN: The Reply: The second proviso to section 115BAA (5) provides that once the option has been exercised for any previous year, it cannot be subsequently withd....
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....rawn for the same or any other previous year. Reply By CASusheel Gupta: The Reply: The option once exercised cannot be withdrawn, but the option shall automatically become invalid if you violate any....
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.... of the condition mentioned in sub section (2). See if you are able to violate any of them . CA Susheel Gupta<br> Discussion Forum - Knowledge Sharing ....