New Tax Regime u/s 115BAC in respect of Individuals, HUF and others as Amended By Finance Act, 2023 - Various changes made in corresponding rules for income taxable as Salary and for Depreciation in case of Business or Profession income - Introduction of FORM No. 10-IEA for exercising to option or withdrawing from the option u/s 115BAC - Income-tax (Tenth Amendment) Rules, 2023

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....n (2), second proviso to sub-section (3) and sub-section (6) of section 115BAC, sub- clause (iii) of clause (c) of sub-section (2) of section 115BAE read with section 295 the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely: - 1. Short title and commencement.- (1) These rules may be called the Income-tax (Tenth  Amendment) Rules, 2023. (2) Save as otherwise provided in these rules, they shall come into force from the date of their publication in the Official Gazette. 2. In the Income-tax Rules, 1962 (hereafter referred to as the principal rules),- (a) in rule 2BB, for sub-rule (3), the following sub-....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... sub-section (4) of section 115BA, or under sub-section (5) of section 115BAA, or under sub-section (7) of section 115BAB; or (ii) an individual or a Hindu undivided family which has exercised option under sub-section (5) of section 115BAC; or (iia) an individual or a Hindu undivided family, or an association of persons (other than a co-operative society) or a body of individuals, whether incorporated or not, or an artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 whose income is chargeable to tax under sub-section (1A) of section 115BAC; or (iii) a co-operative society resident in India which has exercised option under sub-section (5) of section 115BAD; or (iv) a co-....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ise of option under sub-section (6) of section 115BAC.-(1) The option to be exercised in accordance with the provisions of sub-section (6) of section 115BAC by a person, being an individual or Hindu undivided family, or an association of persons (other than a co-operative society) or a body of individuals, whether incorporated or not, or an artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2, for any previous year relevant to the assessment year beginning on or after the 1st day of April, 2024, shall be, - (a) in Form No. 10-IEA on or before the due date specified under sub-section (1) of section 139 for furnishing the return of income for such assessment year, in the case of a person having inco....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....orm No. 10IE, the following form shall be inserted, namely:- "FORM No. 10-IEA [See rule 21AGA] Application for exercise of option under clause (i) of sub-section (6) of section 115BAC or withdrawal of option under the proviso to sub-section (6) of section 115BAC of the Income-tax Act, 1961 To, The Assessing Officer ................. .................. Sl.No.     1. Name : 2. PAN : 3. Status of the person referred to in sub-section (1A) of section 115BAC : 4. Assessment year for which the form is being furnished : yyyy - yy 5. Whether opting out of or re-entering the regime provided under sub-section  (1A....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....erred to at serial no. 1 having PAN at serial no. 2 has income under the head "Profits and gains from business or profession" during the assessment year referred to at serial no. 4. I also declare re-entering sub-section (1A) of section 115BAC of the Act shall render the person referred to at serial no. 1 having PAN at serial no. 2 ineligible for opting out of sub-section (1A) of section 115BAC. Place: Date: Yours faithfully, Signature*................................... Name....................................... Designation............................... Address..................................... *Signature of the person competent to verify the return of in....