Query related to form 10 IE

I want to file ITR3 under the new regime as it is saving more tax.
For ITR3 new regime, as it is mandatory to file form 10 IE. While filling form IE,
I have selected Whether the individual/HUF has any income under the head profit or gains from business or profession? as yes as I have FnO and Intraday profit/loss.

It asks to select a sector, which sector do I select for Speculative and non-speculative business? I don’t see these options for Share trading. Please help

Hello @Abhijit_G !

For Speculative and Non-Speculative business, business sector to be selected in Form 10IE will be 09028- Retail sale of other products n.e.c (not elsewhere classified).

Hope this helps!

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I cant find Retail sale of other products option in the drop down. Can you please help with the exact name in the drop down list?

Got it under sector Wholesale and Retail trade. Thanks a lot

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One more question, it is okay if I file 10 IE but go with old regime only? Or Is it mandatory for me to select new regime if I file the 10 IE form?

Hey @Abhijit_G, you would have to opt in for the new regime if you file Form 10IE. You do not have to file Form 10IE if you wish to opt in for the old regime.

I am trying to file my returns from Quicko, I am using ITR 2 to file the returns. Is it necessary to submit Form 10-IE with ITR2?

I have income from salary, dividends, interest from FD and saving account and long term and short term trading using Zerodha.

Hey @skumar, you need to file form 10IE if you wish to switch to the new tax regime.

Ok, while filling form 10-ie,
it says:-
(In case you don’t have business income, you are not required to file Form 10-IE. You can exercise the option under 115BAC while filing Return of Income in ITR 1 or ITR 2, as the case may be.)

Also what is the applicable
Nature of business or profession

Please select Nature of Business/ Profession applicable to you

Since I do not have business income, I believe I do not need to fill Form 10-ie. Hence please enable 115BAC while filing Return of Income in ITR 1 or ITR 2

The nature of business and profession code is supposed to be added when you are filing ITR 3. Here is an article that could provide you some clarity on this topic:
https://support.quicko.com/hc/en-us/articles/360060153912-Opting-into-New-Regime

Im a bank officer, As part of our Bipartite settlement I have arrears salary pertaining to FY 17-18,18-19,19-20 received during FY 20-21.

  1. whiling filling ITR for better tax benefit can I show part of arrears income (received during FY 17-18) u/s 89(1) by filling 10E and rest as income during FY 20-21 ?
  2. I’m not finding section 89(1) to claim on Quicko while filling, can u help?

Hey @lakshminatha_reddy, yes, you have to show it as arrears income and file Form 10E. The option of showing it as an arrear is in our pipeline for the IT product. However, if you wish to seek the help of a CA to file your return immediately, you could get in touch with us at help@quicko.com