Is there any clarification from the authorities for allowing belated ITR filers to use the new regime for AY 21-22?
If tax due was calculated and paid using the new regime well before the deadline, but returns were not filed in time what is the recourse? Does one need to file belated returns, pay the penalty and also pay the differential amount of tax using the old regime? Any option of relief?
The income tax portal is not accepting new regime for belated returns at this time.
I also thought so, but as per the following page :
https://www.incometax.gov.in/iec/foportal/help/e-filing-itr2-form-faq
Above link says "Please note that option for selecting new tax regime u/s 115BAC will be available only till the due date of filing of return u/s 139(1)."
Same is discussed here in the past: - https://m.economictimes.com/wealth/tax/belated-itr-filers-cant-use-new-tax-regime-unless-govt-clarifies-experts/articleshow/74328394.cms
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
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