The "No Going Back" Rule
You filed your ITR in a hurry, accepted the default New Tax Regime, and submitted the return. A week later, you realize you missed claiming ₹1.5 lakhs under 80C and ₹50,000 for HRA. You calculate that the Old Regime would have saved you ₹30,000 in taxes.
Can you just file a Revised Return, switch to the Old Regime, and claim a refund?
Under current rules, the answer is NO.
The Restriction on Switching to the Old Regime
The Income Tax Act requires taxpayers who wish to opt for the Old Tax Regime to explicitly make that choice on or before the due date of filing the original return (usually July 31st).
If you file your original return under the New Regime, the tax department treats that as your final choice for the year. The utility and processing systems generally do not permit you to file a revised return to switch from the New Regime to the Old Regime.
If you try, the revised return may be processed under the new regime anyway, ignoring your old regime deductions.
Switching from Old to New
Interestingly, the reverse is usually permitted. If you filed your original return under the Old Regime but later realize the New Regime is more beneficial, you can generally file a revised return and switch to the New Regime.
This is because the New Regime is the default scheme under the law.
What About Business Income?
If you have income from a business or profession (including freelance income), the rules are even stricter. You must file Form 10-IEA to opt out of the new regime. Once you opt out, you can only switch back to the new regime once in your lifetime. Filing a revised return to change regimes is not an option.
Which switch is allowed
A revised return lets you correct an already-filed ITR, but it cannot rescue a missed old-regime choice.
| Switch attempted via revised return | Allowed? |
|---|---|
| Old regime to new regime | Usually yes |
| New regime to old regime | No |
Opting for the old regime is valid only if chosen on or before the Section 139(1) due date; a revised return under Section 139(5) cannot move you from new to old. Source: Income Tax Act Sections 139(1), 139(5) and 115BAC.
What you should do
- Compare both regimes before you submit the original return, not after
- If the old regime helps, opt out of the new regime before the due date
- Keep the option open by filing on time; a late return locks you into the new regime
- For business income, plan the Form 10-IEA choice carefully as it is hard to reverse
Common mistake
Filing fast under the default new regime, then trying to revise into the old regime. The portal will not honour it, so the deductions you missed stay lost for the year.
Measure Twice, File Once
Because the choice of regime is largely irreversible once you hit submit, it is critical to compare both options before filing your original return.
Don't guess or rely on your employer's default choice. When you use LastMinute ITR, you can upload your Form 16 and our tax engine will automatically calculate your exact tax liability under both the Old and New regimes side-by-side.
You can clearly see which option saves you more money, ensuring you make the right, irreversible choice the first time.