On 21-6-2023, the Ministry of Finance notified the Income-tax (Tenth Amendment) Rules, 2023 to amend the Income-tax Rules, 1962.
Key Points:
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Rule 21-AGA has been inserted which relates to Exercise of Option under Section 115 BAC (6). It can be exercised by a person, being an individual/ Hindu undivided family/ association of persons (other than a co-operative society)/ body of individuals for filing return of any previous year relevant to the assessment year beginning on or after the 1-4-2024. It will be made in Form No. 10-IEA for furnishing the return of income in the case of a person having income from business or profession/ person not having income from business or profession.
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Form No. 10-IEA has been inserted which says
“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.”
Note: Section 115 BAC- The new tax regime which was introduced vide Budget 2020 giving individuals/ HUFs taxpayers an option to pay income tax at lower rates. It came into effect from Financial Year 2020-21. It gave
