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

answer: Before answering your questions, let me first explain the legal provisions regarding verifying ITR, selecting a new tax regime and filing a revised return.

a person who has filed his ITR It is required to be verified electronically through one of the methods prescribed under the law, within the prescribed time limit of 120 days. If a person fails to verify the ITR filed within the stipulated time frame, the original ITR filed is deemed to have never been filed.

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

An amended return technically replaces the original return and is considered to have been filed by the due date.

I assume that your friend had filed 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, you can avail the option of the new tax regime.

Please ask your friend to verify the original ITR electronically so that it is done immediately instead of sending ITR V to Central Processing Units which takes time. So if your friend verifies the original ITR within the stipulated time frame before filing the revised ITR then your friend should be able to choose a new tax regime while filing the revised ITR.

Balwant Jain is a tax and investment specialist and can be contacted on Twitter at jainbalwant@gmail.com and @jainbalwant.