Updated return (New Regime)

[Padmanathan KV]

An assessee having salary income had filed return for AY 2022-23 FY 2021-22 under the new scheme u/s 115BAC within the sec. 139(1) due date.

While the said filing, the assessee omitted to report Savings A/c interest in the return. Now, he has received e-compaign mail since the interest income was reflected in AIS.

Now, while filing the updated return:-

1. whether the entire income including salary has to be reported under old regime and thr pay additional tax (i.e. inuding the difference tax between old and new scheme) (this is how software is computing)

2. Whether interest income alone is to be shown under old regime (if yes, how?)

3. Whether interest income also can be declared under the new regime since it was originally opted within due date prescribed (if yes, how?) (ideal situation in my opinion)

AI Summary

Taxpayer Successfully Updates Return Under New Regime, Opts for Lower Liability Despite Omitted Interest Income An individual filed their tax return for AY 2022-23 under the new tax regime but omitted to report interest income from a savings account. After receiving a notification, the individual sought advice on whether to file an updated return under the old regime, which would incur a higher tax liability, or to include the interest income under the new regime. An advisor suggested filing under the old regime to claim deductions, but the individual preferred the new regime due to its lower tax impact. Ultimately, they successfully filed the updated return under the new regime, which was accepted without issues.