Question ID :
44564
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.
Posted by
ASIF MUJAWAR
on
Oct 26, 2023
Filed Under
DIRECT TAXES
Answer ID :
85210
In my humble opinion, there is no option to revise the tax filed for AY 21-22 and AY 22-23. Also the updated return can only be filed if you have missed to file the return of income.
The option here is to revise the return for AY 23-24, if it does fall in the block of 3 years from date of incorporation of the eligible start up under section 80IAC.
Posted by
ABHISHEK RATHORE on
Nov 14, 2023