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Itr regime change old to new for Revised ITR after 31 st july 2024

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jagdish chhugani

engineer

833 Points Posted on 30 September 2024

I asked what tax rate applicable for who revised ITR 1 or 2 ,after 31st july 2024 , old to new, portal accepting old to new , but rejecting new to old regime.

Now my big ? Is which slab rate will apply for revised ITR1 or 2 after 31 st july 24

Do they calculate under new slab rate or calculate under old slab rate without deductions.

For iTR 3 and 4 portal accepting ITR in change regime but tax slab is same as you filed but without any discussions.

To my opinion portal must reject revised ITR new to old or old to new, for ITR 3&4

Replies (3)

Quick Summary

This discussion clarifies the tax regime applicable for revised Income Tax Returns (ITRs) filed after July 31st, 2024. For ITR-1 and ITR-2, revising from the old to the new tax regime will mean applying the new slab rates without most deductions, except for Section 80CCD(2). The portal may accept these changes but might reject revisions from the new regime back to the old.

Rama chary Rachakonda

Master in Accounts & high court Advocate

7021 Points Posted on 01 October 2024

If someone revises their ITR (Income Tax Return) from old to new regime after July 31, 2024, the tax rates applicable will be: - For ITR-1 (SAHAJ): - Tax rates as per the new tax regime (Section 115BAC of the Income Tax Act) - No exemptions or deductions (except for Section 80CCD(2)) - For ITR-2 (Individuals and HUFs not having income from business or profession): - Tax rates as per the new tax regime (Section 115BAC of the Income Tax Act) - No exemptions or deductions (except for Section 80CCD(2)) Note that the portal may accept revisions from old to new regime, but reject revisions from new to old regime. Please consult a tax

jagdish chhugani

engineer

833 Points Posted on 02 October 2024

So you mean to say revised ITR 1 and ITR 2 old to new allowed after 31st july 24 and tax slab applied will be. As per new tax slab rates.

jagdish chhugani

engineer

833 Points Posted on 02 October 2024

So you mean to say revised ITR 1 and ITR 2 old to new allowed after 31st july 24 and tax slab applied will be. As per new tax slab rates. Just say yes or no