How to change to old tax regime

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A salaried individual is asking how to switch to the old tax regime for their current financial year's tax return, as their employer has already deducted tax under the new regime. The discussion clarifies that for salaried individuals, switching between tax regimes is generally permissible at the time of filing the Income Tax Return (ITR). It also addresses queries regarding PSU employees investing in the stock market, confirming there are no general restrictions, but intraday trading is disallowed as it's considered speculative business.

Pooja

Pooja (Querist)

17 November 2023 I am a salaried individual. my employer has deducted tax as per the new tax regime. I will file the return for the current financial year as per the old tax regime. how can i change to old tax regime in the middle of this financial year?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

17 November 2023 Next year you file ITR based on new tax regime no problem for salaried people. No limit and any time it can be switched over.

Pooja

Pooja (Querist)

19 January 2024 I am a psu salaried employee my father take care of my investments and invest in stock market in my demat account Is it allowed for psu employees
Are there any restrictions for psu employees to invest in stock market
Is it all

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

19 January 2024 No restriction you can invest in stock market.

Pooja

Pooja (Querist)

19 January 2024 Are there any restrictions on intraday trading for psu employees?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

20 January 2024 Yes, intraday trading is considered as speculative business so not allowed for PSU employees.

Pooja

Pooja (Querist)

20 January 2024 Are there any restrictions on short term trading for psu employees?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

21 January 2024 No restriction it will fall under short term capital gains.

Pooja

Pooja (Querist)

21 January 2024 Can my father do intraday trading on my behalf in my demat account?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

21 January 2024 It will be considered as business not allowed.

Pooja

Pooja (Querist)

21 January 2024 My father did intraday trading for the last few months in my demat account. I was not aware that it is not allowed. What can be the consequences of this?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

22 January 2024 First time no consequence file ITR.

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