I have filed ITR2 original on 30-06-2022 for FY 2021-22 AY 2022-23 within timeline. On Aug 2022 I have received intimation order u/s 143 (1) for AY 2022-23 requested me to pay demand amount of 85000. As I am unable find the reason for demand and the due date was within 30 days, I have paid the requested demand amount via self assessment tax (400) and submitted on Aug-2022. Later I found that taxation option was opted/filled incorrectly as No for opted 115BAC in the ITR2 orginal filed for AY 2022-23 at the time of that ITR2 filing. Hence demand was requested to pay based on calculation for normal tax regime at that time. Shall I submit rectification to correctly update 115BAC as yes now?
Can I submit a reactification request now as of today? Please confirm. Till what date I can file rectification request?
I have read in e filing FAQs one can file rectification request within 4 years of filing ITR for FY.
If I can file rectification request now, then help me under which type of rectification request - reprocessing the return? Or Tax credit mismatch correction? Or return data correction (offline)?
I want to correct taxation option 115BAC as Yes in the ITR2filed. However I have paid the requested demand 85000 as per intimation order u/s 143 (1) Aug 2022 and processed by CPC.
Initial all calculations were made as per new tax regime but unfortunately while filing ITR2 original regime was reflected as normal tax regime (old tax regime).
Am I eligible to submit rectification request now to correctly change the tax regime as New tax regime?
After reading FAQs at ITD portal and other tax related forums, I found that Once filed, the chosen regime is locked unless one revise the return before the deadline.
In my case, filed ITR2 with old regime instead new regime at time of filing ITR2 and paid demand as requested as it was due to change in tax regime in ITR2 as old regime that time as shown in intimation u/s 143 (1). I should have filed a revised return at that time itself before 31 Dec 2022 for AY 2022-23, however no revised ITR2 was filed and no rectification was filed that time so now nothing can be done from end.
My understanding is correct or not?
Many thanks in advance