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!
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
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.
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
As new tax regime is made default for fy 23-24, do petson with salaried income and income from businesses need to submit form 10ie while submitting return of fy 23-24 while choosing new regime for 1st time
Hi @Shivam_B
This clarification/guidelines have not yet been released from the Income Tax Department.
However, in my opinion, since it is the default regime, there should not be any requirement to file this form.