A HUF filed its original IT return under the new tax regime and is due a refund. The assessee now wishes to revise the return to claim a Rs. 150,000 deduction under Section 80C, which was initially omitted. The question is whether this revised return can be filed under the old tax regime to maximise the refund. However, it has been clarified that even a revised return filed under the old regime will be processed under the new regime.
HUF's original IT return was filed under NEW regime before due date & there was a refund of Rs. 44000/-., Now the assessee wants to revise this return as he forgot to show Tax saver FD of Rs. 150000/- under 80C investment. Had this shown earlier, he would have got refund of Rs. 49000/-.
Can he file a revised return under OLD regime by claiming this 80C deduction?? Kindly guide.