Change to Old regime v/s new regime
This query is : Resolved
21 May 2024
Dear Experts,
The assessee has chosen New Tax regime with the employer and tax has been deducted as per new Tax Regime. The assessee has other income source like dividend, interest and capital gain. The employer has already filed TDS return for the A.Y. 2024-25. The assessee wants to shift to old regime as that turns out to be beneficial after claiming the deductions.
Can the assessee choose OLD regime while filing his Income Tax return in ITR No. 2? Is there any regulatory requirement to do so except choosing the Old Regime in ITR Form, especially as earlier he has chosen New Regime with employer?
Please advise.
Thanks and regards,
The assessee has chosen New Tax regime with the employer and tax has been deducted as per new Tax Regime. The assessee has other income source like dividend, interest and capital gain. The employer has already filed TDS return for the A.Y. 2024-25. The assessee wants to shift to old regime as that turns out to be beneficial after claiming the deductions.
Can the assessee choose OLD regime while filing his Income Tax return in ITR No. 2? Is there any regulatory requirement to do so except choosing the Old Regime in ITR Form, especially as earlier he has chosen New Regime with employer?
Please advise.
Thanks and regards,
21 May 2024
Yes, you can choose any regime (beneficial to you) while filing ITR 2.
Choose the correct option while filing return. Filing return before due date would be mandatory, if you wish to file under Old regime.
Choose the correct option while filing return. Filing return before due date would be mandatory, if you wish to file under Old regime.
21 May 2024
You are welcome.
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