TMI BlogNew 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, 2023X X X X Extracts X X X X X X X X Extracts X X X X ..... 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-rule shall be substit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , 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-operative society resident in India which has exercised option under sub-section (5) of section 115BA ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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) of section 115BAC ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Nature of activities undertaken in Unit Undertaking I (Name in full and in block letters) having PAN ..son/daughter/wife of .(in case of individual) do hereby declare that to the best of my knowledge and belief what is stated in the Form above is correct and complete. I further declare that I am furnishing such statement in my capacity as (designation) and that I am competent to make this declaration and furnish this Form. I further declare that the person referred to at serial no. 1 having PAN at serial no. 2 has income under the head Profits and gains from business or profession ..... X X X X Extracts X X X X X X X X Extracts X X X X
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