Can you switch tax regime from previous/ last year when filing belated ITR

economictimes.indiatimes.com:

ITR for FY 2022-23 (AY 2023-24) was July 31, 2023. However, if an individual has missed this deadline, there is no need to worry for one can still file ITR by paying a penalty. This ITR, which is filed after expiry of the deadline of the original ITR, is called a belated ITR. The last date to file belated ITR for FY 2022-23 (AY-2023-24) is December 31, 2023. To file a belated ITR an individual has to pay a penalty of Rs 5,000 if net taxable income is above Rs 5 lakh or Rs 1,000 if net taxable income is below Rs 5 lakh. Penal interest on the income tax due, if any, will also have to be paid. A belated ITR is filed in a similar manner as an original ITR with some differences… But if you want to switch the tax regime (from that chosen in the previous year), while filing a belated ITR, then it is a different matter and is dependent upon your source of income. For example, there could be a case where a person who filed ITR under old tax regime for FY 2021-22 wants to file a belated ITR for FY 2022-23 under new tax regime.Click here to know more about belated ITR deadline and penalty amount.

«If an individual has income from salary, house property, or other sources but no income from business or profession in FY 2022-23, then the only way one can opt for new tax regime for FY 2022-23 (AY 2023-24) is by filing their ITR by July 31, 2023 (original ITR),» says Ankit Jain, Partner, Ved Jain and Associates, a Delhi based CA firm. «If a individual is filing belated return under section 139(4) for FY 2022-23 (AY 2023-24), then new tax regime cannot be opted,» says Chartered Accountant Mehul Aggarwal, Partner, J M K P & Co LLP, a Delhi based CA firm.