Form 10IE Directory, not Mandatory: ITAT directs CPC to allow Benefit of New Income Tax Regime

The Income Tax Appellate Tribunal (ITAT) ruled that filing Form 10IE isn't mandatory for availing benefits under the new income tax regime, directing the CPC to implement this. This decision impacts taxpayers opting for the new tax regime under Section 115BAC, allowing them to claim benefits without filing Form 10IE. The ITAT emphasized that procedural requirements should not override substantive rights under the Income Tax Act. This ruling simplifies compliance for taxpayers opting for the new tax regime, aligning with legislative intent to streamline processes.