Can we file revised ITR for last FY in this case?

Taxation
1

Case: My friend filed ITR2 in the old regime late by a couple of days last year and he had to pay a penalty of 5k for the same. This year, while filing this year’s ITR, he realized that he is getting a refund if he opts for the new regime.
He has submitted form 10IE for this year as the new regime is very beneficial for him.

Question: Can he file the revised ITR for the last year in the new regime with the form 10 IE date filed this year? Also, as mentioned he has already paid a 5k penalty for filing the ITR late.

@Quicko

2

Hi @Jack_R

No, this is not possible.
Revising a return is possible only till the due date (which was 31 December 2022 for FY 2021-22/AY 2022-23).

Form 10IE filed this year will be valid for opting for the new regime for this year only and future years.

3

Is there any other way to convert the old regime to the new regime?

4

Hi @Jack_R

There is no way you can revise your ITR for the last year.

5

@Quicko In which case can we file a revised ITR then?
I read that if there is any mistake in your previously filed ITR, we can rectify it by filing a revised ITR
Why can’t we file a revised ITR in this case?

6

Hi @Jack_R

You can file a revised return for the same AY (let’s say 2023-24) in till 31st December 2023 to rectify errors and omissions made while filing the original income tax return.

Since for the previous AY 2022-23 the date was 31 December 2022 which has already lapsed, you can’t file a revised return for the same.

7

what is the last date to file original ITR if we missed to file it before due date (31st July) ?

8

Hi @Private

You can file your original return anytime before 31st July as 31st July is the due date to file original return.

9

okay which is the last after 31st july. I know there is a penalty after 31st july.

10

Hi @Private

You can file a belated return until 31 December of the AY.
Read more about ITR Filing Last Date - Learn by Quicko