Earlier this year I have filed by returns under new regime, thinking ot would be more beneficial. now I want to file revised return under old regime .
can I do the same?
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ITR REVISED - Changing tax regime
Replies (5)
Quick Summary
No. Not accepted. The revised ITR will be processed under NEW regime only.
If your gross total income is above 10 lacs individually then it's advisable to go for new tax regime.
Even salaried individual can't change the regime while filing revised return ?
No. Tax regime cannot be changed in same assessment year.
Switching regime in a revised return:
• For salaried or non-business taxpayers, if the original ITR was filed by the due date (139(1)), you can file a revised return (139(5)) switching to the old regime within the revision window (31 December of the AY). The utility and CPC have generally accepted this.
• For business taxpayers, switching to the old regime needs Form 10-IEA by the due date. A revised return can't do it if 10-IEA wasn't filed in time.
• If the original was belated, the old regime isn't available.
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