Tax Tribunal Confirms New Regime Rules: Revised Return Valid, Deductions Denied u/s 115BAC.

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....The ITAT Pune dealt with a case involving denial of standard deduction and Chapter VIA deductions u/s 80C. The appellant, an individual earning income under the head "Salaries," initially filed a return under the Old Tax Regime, which was later revised under the New Tax Regime. The CIT(A) upheld the AO's decision based on section 115BAC, which disallows certain deductions under the New Tax Regime. The tribunal emphasized that once a valid revised return is filed, the original return becomes irrelevant. Citing legal precedents, the tribunal held that under section 115BAC, opting for the New Tax Regime precludes entitlement to standard deduction and Chapter VIA deductions. Consequently, the appeal was dismissed, affirming the correctness of the CPC's processing of the income tax return.....