New scheme for Tax on income of individuals and Hindu undivided ...
Income Tax
May 1, 2024
New scheme for Tax on income of individuals and Hindu undivided family u/s 115BAC - Assessee had not filed Form 10-IE for opting the new tax regime within the stipulated time - The Appellate Tribunal referred to Section 115BAC of the Income Tax Act, which states that if an individual fails to satisfy certain conditions for opting the new tax regime, the option becomes invalid for the relevant assessment year, and the income is computed as per the old scheme. Since the assessee filed the return after the due date, the Tribunal upheld the AO's decision to assess the income under the old scheme. - Regarding denial of Deductions: the Tribunal allowed the appeal for statistical purposes, directing the assessing officer to re-examine the issue based on evidence and submissions provided by the assessee, ensuring a fair opportunity for the assessee to present their case.
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