Revise Return after due date

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This query is : Resolved

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You can revise your tax return after the due date until 31st December 2024 for AY 2024-25, but you cannot change your tax regime. Recent changes mean the rebate for short-term capital gains (STCG) under Section 111a is not available in either the old or new tax regime. If your return was filed before these changes and showed no tax payable, the CPC may still raise a demand or process it as is, though no penalty is expected.

Javed Memon

Javed Memon (Querist)

20 July 2024 Can we revise return after due date under old Tax Regime and New tax Regime Both ??

Dhirajlal Rambhia

Dhirajlal Rambhia

(Expert)

20 July 2024 Yes, till 31.12.2024 for AY 2024-25.
Only, change of regime will not be allowed.

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Javed Memon

Javed Memon (Querist)

20 July 2024 I have Filed ITR 2 on 10th July,2024 under new tax Regime and if demand Raised after due date for Section 111a short term Capital gain Tax (Rebate not allowed ) (Recently Changes Rebate for STCG 111a ) then Can i revised Return under old tax regime ??

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Dhirajlal Rambhia

Dhirajlal Rambhia

(Expert)

20 July 2024 You cannot change regime in same year.
Secondly, CPC has clarified that the rebate over STCG is not available in both regime.

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Javed Memon

Javed Memon (Querist)

20 July 2024 i have filed itr by Paid Software on 10th July . at that time no Tax payble Showing . now paid Software Computation also Showing Tax Payble So What will Happen . CPC will Process this Return By demand or not ???

Dhirajlal Rambhia

Dhirajlal Rambhia

(Expert)

20 July 2024 There are many assesses who are in same boat. None knows what will be stand of CPC. Either it will cleared as it is, or raise demand. No penalty would be charged.

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Javed Memon

Javed Memon (Querist)

20 July 2024 Thanks a lot Sir For Your Replies

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Dhirajlal Rambhia

Dhirajlal Rambhia

(Expert)

20 July 2024 You are welcome.

PARAS CHHAJED

PARAS CHHAJED

(Expert)

24 July 2024 Whenever the CPC processes the returns whether they are filed prior to 5th July 24 the rebate is not going to be allowed. Even if some returns are processed before 5th July and a rebate is allowed may be rectified u/s 154 and demand may be raised.

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