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News INCOME TAX

  • Nov 11, 2022
  • Can you change income tax regimes while filing revised ITR?

    It is possible that after filing income tax return (ITR), you might realise that you have forgotten to report certain incomes or that the tax payable in the other tax regime is lower than what has been paid. The question then is can you switch your income tax regime (old to new or vice versa) while filing a revised income tax return?

    ET Wealth spoke to various tax experts and chartered accountants to shed more light on this issue. Do read it, but also remember that the last date of filing revised ITRs is December 31, 2022, for FY 2021-22 (AY 2022-23).

    Do note that if you are filing or have filed belated income tax return, then you are not eligible to opt for new income tax regime as per income tax laws. Hence, if you revise your belated ITR, then also you cannot opt for new tax regime.