Updated Return filing FY 2023-24

This query is : Resolved

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Taxpayer filed ITR-1 for FY 2023-24 but needed to disclose foreign assets. Can switch to ITR-2 via updated return under section 139(8A) with applicable taxes. Later, a demand was raised under new regime despite old regime filing, requiring correction.

Deepika Badlaney

Deepika Badlaney (Querist)
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01 May 2026 Hi,
I have filed Original Return for FY 2023-24 under ITR-1 Old Regime. Can I file Updated Return for FY 2023-24 under ITR-2 Old Regime as I need to declare Foreign Assets?

Aashok Kumar Sharma online

Aashok Kumar Sharma

(Expert)
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02 May 2026 Yes, you may file an Updated Return for FY 2023-24 / AY 2024-25 in ITR-2 if ITR-1 was wrongly filed and foreign assets were not disclosed. Since foreign asset reporting is mandatory wherever applicable, the return form should be corrected from ITR-1 to ITR-2 through ITR-U, subject to eligibility under section 139(8A). Please also ensure that any additional tax, interest and additional tax payable under ITR-U is paid before filing.

Deepika Badlaney

Deepika Badlaney (Querist)
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02 May 2026 Thanks for your response. Have a subsequent query. I had filed an Updated Return under ITR-2 Old Regime in Jan 2026, however the tax dept has sent a demand order in April 2026 with calculation under New Regime. How do I address this?

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