Tax regime in revised return

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A salaried employee with capital gains filed their ITR-2 under the old tax regime but wishes to switch to the new regime via a revised return due to potential benefits. Initially, it was understood that changing regimes in a revised return isn't possible. However, after reviewing specific FAQs, the user attempted to file the revised return under the new regime. Despite initial doubts, the revised return was processed successfully under the new regime, leading to a refund.

Ramkumar

Ramkumar (Querist)
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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

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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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.

Ramkumar

Ramkumar (Querist)
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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

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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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.

Ramkumar

Ramkumar (Querist)
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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..?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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21 July 2024 Yes, no harm in trying.

Ramkumar

Ramkumar (Querist)
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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..

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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21 July 2024 Good Luck ,,,

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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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

Ramkumar

Ramkumar (Querist)
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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

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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21 July 2024 No other option as on date.

Ramkumar

Ramkumar (Querist)
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22 July 2024 any how , I have done revised one in new tax regime. I will update the outcome....

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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22 July 2024 Welcome.