Live Course on Drafting of Appeal and Reply of Penalty Notice by CA Sachin Sinha. Register Now!!

Refund under New Regime

29 January 2024

Hi,

Can someone please confirm whether the refund in case of an individual relating to old regime be taken in new regime?

If not, What is the option available, should we switch again to old regime while filing ITR & claim refund

Reply
Follow
Share

15 Replies

RAJA P M ("Do the Right Thing...!!!") (127463 Points)
Replied 29 January 2024

I can't understand Your query...

Is this Which Year...?

CA Rashmi Gandhi (Chartered Accountant) (86285 Points)
Replied 29 January 2024

You can opt old regime again but thereafter you will never be allowed to switch to new scheme

1 Like

RAJA P M ("Do the Right Thing...!!!") (127463 Points)
Replied 29 January 2024

Originally posted by : CA Rashmi Gandhi
	You can opt old regime again but thereafter you will never be allowed to switch to new scheme

Are You understand this query...??

If yes, can you elaborate pls...

1 Like

CA Rashmi Gandhi (Chartered Accountant) (86285 Points)
Replied 29 January 2024

He is getting refund if he switched to old regime . So he want to know whether he can switched to old regime.

1 Like

RAJA P M ("Do the Right Thing...!!!") (127463 Points)
Replied 29 January 2024

Originally posted by : CA Rashmi Gandhi
	He is getting refund if he switched to old regime . So he want to know whether he can switched to old regime.

I don't think as You.

Bcoz, He don't ask any revised return. Right...??!

In case it's new ITR (may be AY 24-25)then what is Your reply...??!

1 Like

Archit Khandelwal (13 Points)
Replied 29 January 2024

I mean to ask is, there is some refund relating to AY 23-24 wherein individual had opted old regime & it was missed to claim. Now the individual has switched to new regime, so while filing ITR for AY 24-25 can that refund be claimed

CA Rashmi Gandhi (Chartered Accountant) (86285 Points)
Replied 31 January 2024

Yes you can claim it.

1 Like

RAJA P M ("Do the Right Thing...!!!") (127463 Points)
Replied 01 February 2024

@ Khandelwal,

Yes You can claim refund if You switched to New regime for ay 24-25.

RAJA P M ("Do the Right Thing...!!!") (127463 Points)
Replied 01 February 2024

Originally posted by : Archit Khandelwal
	I mean to ask is, there is some refund relating to AY 23-24 wherein individual had opted old regime & it was missed to claim. Now the individual has switched to new regime, so while filing ITR for AY 24-25 can that refund be claimed

(I'm slightly confusing and put the following reply)

If You are asking refund of ay 23-24 in ay 24-25 then it's not possible...

Bcoz, it's can't claim previous year TDS amount in current year.

(In case it's c/f from PY then we can in CY)

CA Rashmi Gandhi (Chartered Accountant) (86285 Points)
Replied 01 February 2024

But in case income is declare in FY 23-24 then such refund would be claimed

RAJA P M ("Do the Right Thing...!!!") (127463 Points)
Replied 01 February 2024

Originally posted by : CA Rashmi Gandhi
	But in case income is declare in FY 23-24 then such refund would be claimed

How can declare Income in 23-24 previous year income....

Don't think and reply against others reply or Don't stand-by your reply only correct.

Don't be Confuse the query with baased on Your thought. Better to give solution about query.

RAJA P M ("Do the Right Thing...!!!") (127463 Points)
Replied 01 February 2024

Originally posted by : CA Rashmi Gandhi
	But in case income is declare in FY 23-24 then such refund would be claimed

This is upnormal cases.

Everyone showing his income in same year. Nobody skip this way...

In case any mismatches, fraudulent, against notice are the reason that incomes can be available to next year...

@ Ca Rashmi Gandhi,

Please avoid such 7th sense solutions...

CA Rashmi Gandhi (Chartered Accountant) (86285 Points)
Replied 02 February 2024

@ RAJA PM , sir some assessee follows accrual basis and some follows receipt basis. If any income accrued in FY 23-24 and received in FY 24-25 then he can claim it in FY 24-25.

Also I m not using my seventh sense , I am replying what I have actually did.

RAJA P M ("Do the Right Thing...!!!") (127463 Points)
Replied 02 February 2024

Yes I agreed with You for the financial follow ups like accrual or receipt. Also this is not a reply to this query.

Better to read the query once again carefully that 2nd reply by querist...

After that check out Your last reply. is that correct or not...