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

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.


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.

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

Hi @Jack_R

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

@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?

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.

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

Hi @Private

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

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

Hi @Private

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