Can I change my tax regime while filing a revised ITR?

Is there a penalty for revised returns?

If you owe additional tax, file your amended return, and pay the tax by the April due date to avoid penalties and interest. Your return will replace your original return. If you file after the April due date, don't include any interest or penalties on your amended return.

How many times can an ITR be revised?

Yes, the revised ITR also needs to be e-verified within 30 days to complete the tax filing process. There is no specified limit on the number of times you can revise your income tax returns. However, it is advisable to file a revised return only once, covering all necessary revisions.

What happens if we file ITR incorrectly?

Choosing the wrong ITR form will make the ITR defective and may even lead it to being treated as a invalid return. But, If you have filed an incorrect return within the due date, you have the option of revising the return.

Can I reduce my income in revised return?

Yes, you can. To modify an already filed ITR, you need to file a revised return under Section 139(5) of the Income Tax Act, 1961.

Does a revised return trigger an audit?

Note: filing an amended return does not affect the selection process of the original return. However, amended returns also go through a screening process and the amended return may be selected for audit. Additionally, a refund is not necessarily a trigger for an audit.

Can I switch back to a new regime?

They can switch between regimes only once in their lifetime while they continue to have business income. If they choose to revert to the old regime after opting for the new one, they are locked into the new regime for all subsequent years unless they cease to have business income.

Does revised return attract scrutiny?

Understanding Revised Income Tax Return

The provision to file a revised return is governed by Section 139(5) of the Income Tax Act. Filing a revised return ensures compliance with tax regulations and avoids potential scrutiny from the Income Tax Department.

How much does a CA charge to file an ITR?

ITR Filing Charges:

Salaried ITR Filing: ₹1,000/- Capital Gain / Share Gain-Loss ITR: ₹1,500/- Business ITR – 44AD Return: ₹2,000/-

Can I file a revised ITR in a new tax regime?

All taxpayers can file a revised return if they submitted their original return by the due date and verified it within 30 days. A belated return or a previously filed revised ITR can also be revised. Remember, revised returns must be filed by the due date of December 31 of the assessment year.

What is the disadvantage of the new tax regime?

Disadvantages. The new tax regime does not allow exemptions. This will lead to an increase in the overall taxable amount of taxpayers. For taxpayers with income up to INR 15 lakhs, the new tax regime has lower income taxes but this is at the sacrifice of exemptions and deductions available under the previous tax regime ...

Is it better to switch to a new tax regime?

Choosing between the Old and New Tax Regimes depends on your income level, deductions, and exemptions. For salaried individuals with minimal deductions, the New Regime is likely more beneficial due to relaxed tax slabs and a rebate up to ₹7 lakh or ₹12 lakh (based on updated 87A provisions).

Can I amend my tax return if I already filed?

If you need to make a change or adjustment on a return already filed, you can file an amended return. Use Form 1040-X, Amended U.S. Individual Income Tax Return, and follow the instructions.

What reasons warrant a revised return?

Top Four Reasons to File an Amended Return

• Correct an error or omission to your income. ...
• Change your filing status. ...
• Change your deductions. ...
• Claim a credit or correct a credit.

How to avoid 40% tax?

How to avoid paying higher-rate tax

1. 1) Pay more into your pension. ...
2. 2) Reduce your pension withdrawals. ...
3. 3) Shelter your savings and investments from tax. ...
4. 4) Transfer income-producing assets to a spouse. ...
5. 5) Donate to charity. ...
6. 6) Salary sacrifice schemes. ...
7. 7) Venture capital investments.

Is there any penalty for revised ITR?

No, if you have filed your ITR by the due date and e-verified it within 30 day, there is no charge while revising the original return. If the ITR wasn't filed by the due date, the return will be treated as a belated tax return, and the taxpayer will be levied late fees under Section 234F.

What if I accidentally file my taxes wrong?

If you realize you filed your taxes wrong or forgot to include a tax form, don't panic. Here are some steps you can take to rectify the situation: File an amended return: You can file an amended return (Form 1040X) to correct any errors or omissions, or to include missing documents on your original return.

What is the time limit for revised return?

An updated return can be filed at any time within 48 months [12 months till 31-03-2025] from the end of the relevant assessment year.

Is it a red flag to amend a tax return?

Taxpayers often wonder if filing an amended return just to change their status might lead to an IRS audit. The good news is that amending a return isn't unusual, and doesn't raise any red flags with the the IRS. The IRS actually encourages you to correct mistakes.

Who can help me file a revised return?

If filing an amendment for a prior year return, make an appointment with a tax pro for help making corrections.

When should I file a revised return?

The IRS does recommend that you wait until you get your original refund before you submit an amendment. Don't worry – the amended return deadline is generous, so you should have plenty of time to wait on your refund and still file your amendment. Usually, you have three years to file an amended return.