Rule 21AGA inserted in the Income Tax Rules to provide for exercising of option under section 115BAC (1A)(6) of the Income Tax Act-1961, Form No. 10IEA  prescribed

 

CBDT vide Notification No 43/2023 dtd. 21st June, 2023 amended the Income Tax Rules, 1962 (‘Rules’) wherein Rule 21AGA was inserted which provided for exercising of option under sub-section (6) of section 115BAC(1A) of the Income Tax Act, 1961 (‘Act’)

Rule 21AGA provides the option to be exercised u/s 115BAC(6) of the Act for any previous year relevant to AY beginning on or after 1st April, 2024 shall be made in:
(a) 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 income from business or profession;

(b) in the return of income to be furnished under sub-section (1) of section 139 for such
assessment year, in the case of a person not having income from business or profession as referred to in clause (i).

Furthermore, the withdrawal of option under the proviso to sub-section (6) of section 115BAC shall also be in Form 10IEA

It is to be noted that a person having income from business or profession is required to furnish Form 10IEA every year electronically either through EVC or DSC to continue being in the Old Regime but persons having no income from business or profession are required to opt for new/old regime only while filing the return of income

For ready reference, copy of Notification is attached as hereunder:

 

The copy of the order is as under:

 

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