Tax regime in revised return
This query is : Resolved
21 July 2024
I am a salaried employe with STCG and LTCG. I have filed ITR 2 for AY 24-25 as per the old regime and want to file a revised return after observing few mistakes. At the same time, i found that new regime will be more benificial for me. Is it possible opt new regime in the revised return ?.. Pls provide the link of actual rule in IT act
21 July 2024
No, once opted any regime, you cannot change regime in same year.
Even if you file revised return in new regime, it will get processed under old regime only.
Even if you file revised return in new regime, it will get processed under old regime only.
21 July 2024
Ok fine.. But pls go through the following link and especially point no 10.. It says above said rule is applicable for ITR3and 4.. Pls clarify .
https://www.incometax.gov.in/iec/foportal/sites/default/files/2024-06/Common%20ITR%20Filing%20FAQs%20AY%202024-25.pdf
https://www.incometax.gov.in/iec/foportal/sites/default/files/2024-06/Common%20ITR%20Filing%20FAQs%20AY%202024-25.pdf
21 July 2024
The link provided is for original return filed u/s. 139(1) IT act.
Not for REVISED ITR filed u/s. 139(5) IT act.
Not for REVISED ITR filed u/s. 139(5) IT act.
21 July 2024
Ok clear..
Is it ok to file revised one in new tax regime and try even though they may process it with earlier one..?
Is it ok to file revised one in new tax regime and try even though they may process it with earlier one..?
21 July 2024
Yes, no harm in trying.
21 July 2024
ok. If you get to know any method like condonation to tackle this, pls do share.. I may be able to save 40 K+..
Thanks for your support..
Thanks for your support..
21 July 2024
Good Luck ,,,
21 July 2024
There is one option available, though not tried...
'Discard ITR' is a functionality enabled by the Income Tax Department wherein you can discard (delete) the filled-up ITR form and start the process again.
Users can avail of this option only if the ITR status is 'Unverified'/ 'Pending for Verification'. There is no restriction on availing of this option multiple times. Precondition: 'ITR status' is 'Unverified'/'Pending for Verification', said the Income tax department on its website as of July 20, 2024.
The discard ITR option helps taxpayers file their ITR afresh if the original ITR filing has not been verified. It enables individuals to junk the previously filed but unverified ITR and file a fresh ITR, instead of filing the revised ITR rectifying mistakes in the original ITR
'Discard ITR' is a functionality enabled by the Income Tax Department wherein you can discard (delete) the filled-up ITR form and start the process again.
Users can avail of this option only if the ITR status is 'Unverified'/ 'Pending for Verification'. There is no restriction on availing of this option multiple times. Precondition: 'ITR status' is 'Unverified'/'Pending for Verification', said the Income tax department on its website as of July 20, 2024.
The discard ITR option helps taxpayers file their ITR afresh if the original ITR filing has not been verified. It enables individuals to junk the previously filed but unverified ITR and file a fresh ITR, instead of filing the revised ITR rectifying mistakes in the original ITR
21 July 2024
I dont have that chance as I have already verified....Any other means ?
will they respond to email communication in this regard
will they respond to email communication in this regard
21 July 2024
No other option as on date.
22 July 2024
any how , I have done revised one in new tax regime. I will update the outcome....
22 July 2024
Welcome.
07 September 2024
Well, it is processed and got the refund .. thanx for the support...
07 September 2024
Glad to learn that. Congrats.
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