TaxTMI 
TaxTMI 
2024 (5) TMI 23
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..... 2. In this appeal, the assessee has raised following grounds: - "1. That the order dated 15.02.2023 is against the law and material available on record. 2. Under the facts and circumstances of the case the case the learned Assessing Officer and learned CIT Appeals has seriously erred in not giving standard deduction of Rs. 50000/- which is available under the old tax regime. 3. Under the facts and circumstances of the case the case the learned Assessing Officer and learned CIT Appeals has seriously erred in not giving deduction of Rs. 150000/- u/s 80C which is available under the old tax regime. 4. Under the facts and circumstances of the case the case the learned Assessing Officer and learned CIT Ap....
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....e on time. He has filed return of income on 02.08.2022. The appellant has also not submitted Form 10-IE filing of return. He has filed Form 10-IE on 02.08.2022. Form 10-IE is to submitted for exercising the option of new tax regime u/s 115BAC of the I.T. Act. The appellant has declared profit and gains from business or profession of Rs. 10,55,900/-. The assessees having business or profession income need to fill up Form 10-IE and submit this every year on or before the due date of filing of return. Non filing of Form 10-IE on or before the due date of filing of return will not entitle the assessee to avail the benefit of section 115BAC of the I.T. Act. Therefore, the Assessing Officer's action of rejecting the option of section....
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....ssessee, has filed the written submissions in respect of the various grounds raised by the assessee and the same is reproduced herein below: "This appeal has been preferred against the order of Respondent dated 15/02/2023 while making assessment under old scheme, assessing officer has not given following deductions: Standard Deduction : Rs. 50000/- Deduction u/s 80C : Rs. 150000/- Deduction u/s 80TTA: Rs. 10000/- Brief facts of the Case are as under: 1. The assessee has filed his return of income in Form ITR 3 on 02/08/2022 and opted for Section 115BAC; Copy of ITR and Computation is enclosed. Page no 1 to 8. 2. An order of intimation u/s 143(1) has been made on 15/02/2023. While making ....
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....n of Rs. 50000/- from the income of salary under the taxation of Normal Scheme. As the assessing officer has not given the benefit of taxation under New tax regime u/s 115BAC and make the assessment under the normal provisions, it was the duty of the A.O. to give standard deduction of Rs. 50000/- As the A.O. has not given aforesaid deduction, it is humbly requested to allow the standard deduction of Rs. 50000/- 3. Deductions u/s 80C. During the year under consideration assessee has earned NSC interest of Rs. 32865/- which has been reinvested. The said interest has been included in the Income from other sources. Assessee has also invested in the Mutual funds for an amount of Rs. 60000/- which is eligible f....
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....ed the return of income within the time period allowed for filling the return of income the benefit of the new scheme as per provision of section 11BAC should be allowed or not? If yes then the returned income be accepted or else whether the other deduction as per the old scheme is allowable to the assessee or not. To adjudicate this issue we would first like to reiterate the provision of section 115BAC so as to understand the allowability of deduction on the return of income filed after the due date prescribed: Tax on income of individuals ^72[and Hindu undivided family]. 115BAC. (1) Notwithstanding anything contained in this Act but subject to the provisions of this Chapter, the income-tax payable in respect of the total....
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....valid in respect of the assessment year relevant to that previous year under consideration and other provisions of this Act shall apply, as if the option had not been exercised for the assessment year relevant to that previous year. Thus, in this case the income shall be computed considering the provision of section 80AC of the Income Tax, Act which also restrict that the certain deduction shall not be allowed to the assessee under the normal provision of the Act. Thus, since the assessee in this case though filed the return after the due date which was not processed under the new tax regime but the said return is required to be proceeds as per the old provision of the Act and after considering the provision of section 80AC of the Act. Sinc....