Opting for New regime while filing Revised return
This query is : Resolved
07 March 2023
Can we opt for Sec115BAC new tax regime while filling revised return for AY 2022-23, if the original return u/s 139(1) was filed under old regime.
07 March 2023
No, change of regime is not allowed in same year.
07 March 2023
Please note that while filing this revised return the portal did not restrict me to change the regime.
And moreover this return was processed yesterday, and a demand has been raised for this.
What is the resolution for this?
And moreover this return was processed yesterday, and a demand has been raised for this.
What is the resolution for this?
08 March 2023
Portal accepts revised return u/s. 139(5) of IT act, but while processing it doesn't accept change in tax regime. Hence your revised return didn't get processed with new tax regime, which you can get confirmation from your intimation order of revised return.
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08 March 2023
Can I file an appeal against this order?
If I do so what will be the consequences of the same. If I loose will I have to pay additional amount?
If I do so what will be the consequences of the same. If I loose will I have to pay additional amount?
08 March 2023
Your assessment order must be consistent with your revised ITR, so against what disorder an appeal can be?
While tax regime is not allowed to be changed, that is as per law.
While tax regime is not allowed to be changed, that is as per law.
08 March 2023
My revised ITR has considered new tax regime whereas the assessment order hasn’t, since the portal allowed to prepare my revised ITR under new tax regime, I proceeded with the same. Moreover my ITR was processed very late (after the last date of further revision) due to which I couldn’t make any changes further.
I think these are some reasonable grounds in which I can file an appeal.
I think these are some reasonable grounds in which I can file an appeal.
08 March 2023
Check properly, you have filed revised return under new regime, but it must have been processed under old regime only. Portal allowed you to file revised return, which you tried to file with new regime, which was your fault.
Processing of revised ITR is within allowable time period.
Processing of revised ITR is within allowable time period.
08 March 2023
Can you please tell me where in law it’s written that we can’t change our tax regime while filling revised return.
08 March 2023
A person, whether an individual or an undivided Hindu family (HUF), who has income other than income from a profession or business, may exercise the option regarding a prior year to be taxed under Section 115 BAC along with his or her return of income to be furnished under Section 139(1) of the Income-tax Act for each year,.
How can you change tax regime without its selection, while selection of any regime was allowed only before 31.07.2022 in your case.
How can you change tax regime without its selection, while selection of any regime was allowed only before 31.07.2022 in your case.
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