Change to Old regime v/s new regime

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An assessee who opted for the new tax regime with their employer and had tax deducted accordingly, wishes to switch to the old tax regime for filing their Income Tax Return (ITR) as it proves more beneficial. The question is whether this switch is possible when filing ITR 2, especially since the employer has already filed TDS returns. The advice given is that an assessee can indeed choose the regime most beneficial to them when filing ITR 2, provided the return is filed before the due date.

suren

suren (Querist)

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,

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

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.

suren

suren (Querist)

21 May 2024 Thanks a lot Sir for your valuable response.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

21 May 2024 You are welcome.

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