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Section 139(5)

Jyoti Narang (Kkk) (1202 Points)

23 June 2022

if a person not opted for 115 bac at the time of filling of return u/s 139(1) can he opt for 115bac by filling revised return u/s 139(5).

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CA Puja Sharma (Chartered Accountant) (4874 Points)
Replied 23 June 2022

In my opinion, you cannot opt for a new tax regime by filing a revised return. Where no option has been exercised by the assessee to choose a new tax regime while filing the original return of income filed u/s 139(1) of the Act, it cannot be chosen by filing a revised return u/s 139(5)

In the case of salaried employees, they can switch from a new tax regime to an old tax regime or vice versa every financial year. But this option is allowed only once to a taxpayer who is having a business income.

If a taxpayer opts for a new tax regime then he has to file Form 10IE with the dept. after the end of the FY and before the filing of ITR within the due date.

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