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Regime selection for Belated return

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Abhay salunkhe

96 Points Posted on 30 August 2022

I am an individual having business income filed my return under new tax for previous year now for current year i am filing belated return, now the question is in which regime i should file my return

1. Under old scheme or New scheme

If i proceed with Old scheme, which tax rate would be applicable for me in next year, is it new or old.

For new rate i have read some articles where they are stating we cant go by new tax rate for belated return.

I am confused by which rate i should go or income tax allow me to file.

Replies (4)

Quick Summary

This discussion addresses the confusion surrounding the tax regime selection for individuals filing a belated return after previously opting for the new tax regime. It clarifies that once you opt out of the new regime, you generally cannot opt back in. Crucially, it highlights that the new tax regime may not be available when filing a belated return, suggesting the old scheme might be the only option in such cases.