• Home
  • Article
  • Can Assessees showing PGBP Income (presumptive u/s 44AD/ 44ADA or otherwise) opt for 115BAC (New Tax Regime)?

Prabhat Goyal | Sep 2, 2021 | Views 1373787

Can Assessees showing PGBP Income (presumptive u/s 44AD/ 44ADA or otherwise) opt for 115BAC (New Tax Regime)?

Removal of Doubt!!

Can Assessees showing PGBP Income (presumptive u/s 44AD/ 44ADA or otherwise) opt for 115BAC (New Tax Regime)?

Yes they can!!! (Individual & HUF only)

Once this option is exercised, it shall apply to subsequent assessment years also.

PROS: Better Slab Rates resulting in Lower Tax

CONS: If assessee violates any condition or opts out from S-115BAC, he cannot opt for this section again for lifetime till he has income u/h PGBP

In other words, when assessee ceases to have income u/h PGBP, then only he can again opt in for S-115BAC.

Recommendation:-Analyze the sacrifices that the assessee will have to make after choosing S-115BAC. If assessee is not taking benefits of the deductions disallowed under S-115BAC, he may opt for the same.

StudyCafe Membership

Join StudyCafe Membership. For More details about Membership Click Join Membership Button

Join Membership

In case of Any Doubt regarding Membership you can mail us at contact@studycafe.in

Join Studycafe's WhatsApp Group or Telegram Channel for Latest Updates on Government Job, Sarkari Naukri, Private Jobs, Income Tax, GST, Companies Act, Judgements and CA, CS, ICWA, and MUCH MORE!"




Leave a Reply