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ITR-U New Regime vs Old Regime for returns filed after AY

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shivbhakt

Tax Payer

3 Points Posted on 06 May 2024

Hello,

I filed my returns for AY 2021-2022, and AY 2022-2023 under the new regime, and for AY 2023-2024, I was not able to file returns even till 31st December 2023 due to health concerns.

I would now like to file an ITR using ITR-U, but Cleartax shows me that "The income tax department does not allow tax filers to e-file under the New Regime after the due date for filing". Is this true, or should I file under the new regime? If I file under the old regime, I won't be able to file under the new regime ever again.

If I am forced to file under the old regime, will I have to file under the old regime forever? I will pay a lot more tax every year if I do this.

I have a business income, and I have never had a salary income in my life.

Replies (3)

Quick Summary

This discussion explores the complexities of filing an Income Tax Return (ITR) using the ITR-U form after the due date, specifically concerning the choice between the new and old tax regimes. The user filed previous returns under the new regime but faced delays in filing for AY 2023-2024 due to health issues. They are seeking clarification on whether they can still opt for the new regime via ITR-U or if they are now compelled to use the old regime, which would have significant long-term tax implications.