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Tejas Chokshi | Answer |Ask -Follow

Tax Expert - Answered on Aug 29, 2023

CA Tejas Chokshi has over 20 years of experience in financial planning, income tax planning, strategic and risk advisory, banking and financial products and accounting and auditing.
He is an information system auditor, a forensic auditor and concurrent bank auditor.
Chokshi, who has a master’s degree in management, audit and accounting from Gujarat University, has completed his CA from the Institute of Chartered Accountants of India.... more

Question by Sumeet on Aug 23, 2023Hindi

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Can I file my income tax return as per new regime even if the Form 16 provided by my employer is as per the old tax regime? Also, can I claim Leave travel allowance (LTA) in my tax return which was missed out by the employer in Form 16? Thanks in advance. Regards, Sumeet Nadkarni.

Ans: Both answer in affirmaive

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Question by Hrishikesh - Jul 27, 2022Hindi

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Appreciate the work you are doing for non-finance background people (like me). I have a question related to income tax if you could help resolve it. I filed IT return before 31st Dec and observed the Form 16 provided by the employer is incomplete. Basically, our organisation went through a legal entity change last year, so ideally we should have got two Form 16s: One for the previous entity and another for the new entity. During filing the return, only new Form 16 was considered by mistake and I have a previous entity Form 16 in hand now but after filing the returns how do I correct my IT returns? Again, thank you in advance for all help.

Ans: You can rectify errors made in income tax filing even after you finish filing under section 139 (5) and you can do refiling. This revised return can be filed before three months prior to the end of the relevant assessment year or before the completion of the assessment. So, the last date for you to to file a revised return using both the form 16 for FY 2021-22 (AY 2022-23) is December 31, 2022, for ITR filed for FY 2021-22.

When you do re-filing, you are supposed to select the option ' Revised u/s 139(5)' in the 'return filed under' column. The ITR form will additionally ask you for details of the original ITR, i.e., receipt number and date of filing of original ITR.

Since you have 2 Form 16s, after uploading the first Form 16, you need to click on ‘upload another Form 16’ and submit so that both Form 16s gets uploaded.

I must highlight that normally when you have 2 Form 16s there would be additional tax payable due to double count of various exemption limits and deductions in each Form 16. You would end up paying interest on the additional tax as well.

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