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

Tax regime choice: omission of savings interest does not automatically require switching regimes; revised return may retain new regime if beneficial.
Assessee originally opted for the new tax regime but omitted savings account interest subsequently reflected in AIS. All income must be included in a revised return; savings account deduction available under the old framework is not permitted under the new regime, so claiming that deduction typically requires filing under the old regime. Filing under the old regime is optional; a revised return retaining the new regime may be filed if it is tax beneficial. The tax portal in the reported instance accepted an updated return filed under the new regime.