Question ID : 21170

Claiming 80IAC when opted for 115BAA

Assessee:- Pvt Ltd Company
Date of Inco:- Sept 2019
Filed Return:- AY-20-21, 21-22, 22-23
Tax Rate:- 115BAA i.e. 22% However 10IC filed for AY 21-22 only.
Status:- Startup Registration got on Nov 21
80IAC Approval:- 24 Oct 2023
ITR and Tax Audit:- Due date 31/10/23 not yet uploaded
Query:- Assessee want to exercise 80IAC for AY 23-24 or AY24-25 onwards.
Can he do so? Assessee wasn't aware at the time of filing first year return about start up registration and 80IAC. Mistakely selected tax rate u/s 115BAA. Now assessee wants to get deduction u/s 80IAC. He is ready to file rectification/Updated return with 25% tax rate for AY 21-22 and AY 22-23 and pay differential tax. Need opinion on this.

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