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Belated return with new tax regime

19 March 2022

I am filing a belated return of an individual having no business income and want to opt for 115bac new tax regime?? is there any way to do so. please reply.

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13 Replies

CA Raj Doshi (Practising CA) (8924 Points)
Replied 20 March 2022

Not possible.

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sabyasachi mukherjee (27579 Points)
Replied 20 March 2022

No not at all possible.

Eswar Reddy S (CFO- at NHTF) (58270 Points)
Replied 20 March 2022

Section 115BAC of the Income-tax Act, 1961 provides that a person, being an individual or an undivided Hindu family (HUF) having income other than income from profession or business, may exercise the option concerning of a previous year to be taxed under the Section

The important thing to bear in mind here is that if the return is a belated one, then the assessee cannot opt for this scheme. So, the assesses wanting to opt for this scheme should keep this in mind and opt for it before the due date of filing return even if the return would be a belated one

2 Like

sabyasachi mukherjee (27579 Points)
Replied 20 March 2022

Wrong.

1 Like

Eswar Reddy S (CFO- at NHTF) (58270 Points)
Replied 20 March 2022

If the form 16 was already generated with new scheme ?

2 Like

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Dhwani Shah (8 Points)
Replied 21 March 2022

What if tax has been paid considering new regime?

Eswar Reddy S (CFO- at NHTF) (58270 Points)
Replied 21 March 2022

Only for salary category , it new scheme will be opted with prior intimation..

Tax payment has no such provision

2 Like

CA Puja Sharma (Chartered Accountant) (5010 Points)
Replied 21 March 2022

No, you will not be able to enjoy the lower taxation under the New Tax Regime if the Income Tax Return is not filed within the due date. This is applicable in case of individuals who are not having any business income.

So filing of revised return will not get you the desired result.

Eswar Reddy S (CFO- at NHTF) (58270 Points)
Replied 21 March 2022

File under old scheme and pay the applicable tax

1 Like

Price Floyd (4 Points)
Replied 28 September 2022

No, you will not be able to take advantage of the New Tax Regime's lower tax rates if the Income Tax Return is not filed by the deadline. This is applicable for persons who have no income from a business. backrooms game