A HUF return was not submitted, and Form 10IE was not filed since it was not mandatory for ITR 1 and 2. However, when attempting to file the belated return under the new provisions, the absence of Form 10IE details is preventing the filing. Is there a solution to file a belated return under the new provisions without the Form 10IE details?
Answer: Tushant November 18, 2023 Answer:
If the deadline for filing the Income Tax Return (ITR) is missed, the individual has the option to submit a belated ITR, but only under the old income tax regime. The Finance Bill makes it clear that in order to avail benefits under the new regime, an individual has to file their ITR within the due date (usually July 31 unless extended by the government) under Section 139(1) of the Income-tax Act,1961.
Filing income tax returns after the due date would result in the taxpayer being unable to avail themselves of the lower tax rates offered by the new regime; instead, the older income tax rates would apply.
