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Refiling IT return in New Regime

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SHIRISH S S

Proprietor

1101 Points Posted on 28 June 2024

1) I Filed ITR-3 with old regime on 16th June as I have to go abroad to my son's place in US.

2) I have capital gains from selling Non-Movable asset for which I had purchased Capital Gain bonds of Power Finance Corporation (50 Lakhs)

3) I was under the impression that no deduction is allowed for CG bonds in new regime u/s 54EC.

4) I recalculated my tax in ITR-3 with new regime excluding 80C, 80D , 80G and 80TTB but took deduction u/s 54EC cap gain bonds. I found that I have to pay less tax in new regime . I could have saved Rs 28000 with new regime.

5) Whether I can refile the return with new regime.? My earlier return is submitted and verified .

Replies (2)

Quick Summary

A taxpayer filed their ITR-3 under the old regime but discovered they could save £28,000 by opting for the new regime, even with capital gains deductions. They are asking if it's possible to refile their already submitted and verified return under the new regime. The consensus is that once a tax regime is chosen for an assessment year, it cannot be changed.