Error in Filing ITR for AY 2021-22-How to correct?

[ROHIT GOEL]

Dear Experts,

Mr. A is partner in firm which is liable for audit. While filing his ITR for AY 2021-22 however he selected that firm was not liable for audit and due to the same his ITR was filed u/s 139(4)-Belated return. The ITR was filed on 30.1.2022 (due date for his ITR was 15.3.2022 but due to non selection of auditable firm, due date became 31.12.2021)

In AY 2021-22, he opted for option u/s 115BAC for first time and filed Form 10IE on 30.1.2022. Now he has received intimation u/s 143(1) wherein Option u/s 115BAC has been denied due to filing of ITR u/s 143(1) and therefore demand raised.

Obviously, same has happened due to clerical error but there is no option to revise ITR for AY 2021-22. Further, rectification is not possible as per portal as it is not allowing for change of return filing section (139(1) instead of 139(4)). What are the remedies available with assessee to ensure that he gets benefit of 115BAC and is not made to pay undue taxes due to the clerical error?

AI Summary

Taxpayer's ITR Filed Under Wrong Section 139(4), Denying 115BAC Option for AY 2021-22; Seeks Remedy for Correction. An individual, a partner in a firm subject to audit, mistakenly filed his Income Tax Return (ITR) for Assessment Year (AY) 2021-22 under the incorrect section, leading to a belated filing. He selected that the firm was not liable for audit, resulting in an ITR filed under section 139(4) instead of the timely section 139(1). Consequently, his option under section 115BAC was denied, and a demand was raised. Due to the portal's limitations, he cannot revise or rectify the return to correct the filing section. The individual seeks advice on remedies to claim the 115BAC benefit and avoid undue taxes.