Can we switch regime while filing ITR-U?
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Can some expert throw some light please?
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1) True
2) Wrong. You can't switch regime more than once for business income. Now new regime is default, so if you switch to Old, can switch to new regime in future
Guys it's for ITR-U under section 139(8A) not normal ITR..
ah now noticed:) hehehe then not aware of it:)
someone please help:)
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ITR-U can be filed only if tax outgo is more than earlier. Also, 25% penalty will be charged for the undisclosed or additional income. They will not refund a penny in updated returns.
No refund allowed in ITR -U. No benefit to our packet . Only we have to pay additional tax including charges and penalty.
I understand...thing is if I choose old regime I need to pay around 3l and if I select new regime, need to pay 2.75L
Can I switch regime in ITR-U?
As far as I know
1) salaried individuals can switch regime every year
2) business individuals cannot switch once they gone to new regime
some one please confirm this information
and correct me if I am wrong:)