An individual having business in-come opted for tax under section 115BAC for the assessment year 2021-22. He withdrew the option for the AY 2022-23. In the year 2024-25 he wish to again exercise the option under section 115BAC choose the right option.
A. He will never be eligible to exercise the option.
B. He can exercise the option as there is no restriction.
C. He can exercise the option if he ceases to have any income from business or profession.
D. He can exercise the option after filing form seeking permission.
Answer:C
An individual having business in-come opted for tax under section 115BAC for the assessment year 2021-22. He withdrew the option for the AY 2022-23. In the year 2024-25 he wish to again exercise the option under section 115BAC choose the right option.
A. He will never be eligible to exercise the option. B. He can exercise the option as there is no restriction. C. He can exercise the option if he ceases to have any income from business or profession. D. He can exercise the option after filing form seeking permission.