ITR has not been verified. I want to revise ITR. Do I need to verify first?

One of my friends who does not have any business income has filed his Income Tax Return (ITR) before the due date by availing the new tax regime. Now he wants to file a revised ITR to correct some mistakes in the original ITR. Whether the original ITR needs to be verified before filing the revised ITR and whether new tax regime will be available to him while filing the revised ITR? 

Answer: Before I answer your questions, let me first explain the legal provisions about verifying the ITR, opting for a new tax regime and filing a revised return.

A person who has filed his ITR electronically is required to verify it, through one of the methods prescribed under the law, within the prescribed time limit of 120 days. In case a person fails to verify the ITR filed within the prescribed time limit, the original ITR filed is treated as never having been filed.

In order to avail the new tax regime, a person who does not have any business income has to file Form No. 10IE, to exercise the option of new tax regime, along with his ITR. Both these documents have to be filed by the due date which is generally 31st July for the majority of taxpayers unless you are required to get your accounts audited under provisions of any law. For the assessment year 2021-22 the due date was extended till 31st December,2021.

A revised return technically replaces the original return and is deemed to have been filed by the due date.

I presume that your friend had filed the form 10IE while filing his original ITR. As the revised ITR replaces the original ITR and thus the revised ITR is also deemed to have been filed by the due date entitling you to avail the option of new tax regime. 

Please ask your friend to verify the original ITR electronically so that it happens instantly instead of sending the ITR V to Central Processing Units which takes time. So your friend should be able to opt for a new tax regime while filing his revised ITR if he verifies the original ITR within the prescribed time limit before filing the revised ITR.

Balwant Jain is a tax and investment expert and can be reached on jainbalwant@gmail.com and @jainbalwant on Twitter.