Section 115-I of Income Tax Act for AY 2023-24

Section 115-I of Income Tax Act 1961 amended by Finance Act 2022 and Income-tax Rules. Chapter-XII-A not to apply if the assessee so chooses.

Amended and updated notes on section 115-I of Income Tax Act 1961 as amended by the Finance Act 2022 and Income-tax Rules, 1962. Detail discussion on provisions and rules related to chapter not to apply if the assessee so chooses.

Chapter XII-A (Sections 115C to 115-I) of the Income Tax Act 1961 deals with the provisions related to special provisions relating to certain incomes of non-residents. Section 115-I of IT Act 1961-2023 provides for chapter not to apply if the assessee so chooses.

Recently, we have discussed in detail section 115H (Benefit under Chapter to be available in certain cases even after the assessee becomes resident) of IT Act 1961. Today, we learn the provisions of section 115-I of Income-tax Act 1961. The amended provision of section 115-I is effective for financial year 2022-23 relevant to the assessment year 2023-24.

In this article, you will learn detail of the provisions of section 115-I of the Income Tax Act, 1961 Bare Act read with the Income-tax Rules, 1962, regulations, notifications, circulars, orders and Press Release by CBDT, Income Tax Department and the Ministry of Law and Justice, Government of India.

Section-115-I: Chapter not to apply if the assessee so chooses

A non-resident Indian may elect not to be governed by the provisions of this Chapter for any assessment year by furnishing his return of income for that assessment year under section 139 declaring therein that the provisions of this Chapter shall not apply to him for that assessment year and if he does so, the provisions of this Chapter shall not apply to him for that assessment year and his total income for that assessment year shall be computed and tax on such total income shall be charged in accordance with the other provisions of this Act.


Open Demat Account

For Investing or Trading

(Best Investing and Trading Platform in India)

Learn More