Switching to Form 2 from Form3

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A practitioner who retired in FY 23-24 filed their return using Form 3 for AY 25-26. They are now inquiring about the process of switching to Form 2 for the upcoming tax year, given their income sources include FD interest, survival benefits, and mutual fund investments. Additionally, they are seeking advice on whether the New Tax Regime offers greater benefits for senior citizens aged 80 and above, particularly concerning age-specific advantages.

RAJEEV KUMAR MEHTA

RAJEEV KUMAR MEHTA (Querist)

16 August 2024 Sir,
A practitioner retired in FY 23-24 and has submitted the return in Form 3 for AY 25-25.
Now the income in the current FY mainly consists of FD interest, Survival Benefit and
from investment in Mutual Fund.
A. Is there any formality to be complied with for switching to Form 2 from AY 25-26?
B. Is the New Tax Regime more beneficial for Senior Citizen, 80 plus?
Kindly advise!

Thanks & Regards

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

16 August 2024 1. No.
2. Not based on age profile, but on amount of deduction claims.

RAJEEV KUMAR MEHTA

RAJEEV KUMAR MEHTA (Querist)

16 August 2024 Thank You Sir!

Yes it's not based on age profile.

In fact query was intended to ascertain the impact with reference to certain benefits available to assesses with age profile of 80 plus.

Thanks & Regards

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

16 August 2024 No difference of any benefit to super senior citizens in New Tax regime,

RAJEEV KUMAR MEHTA

RAJEEV KUMAR MEHTA (Querist)

16 August 2024 O.k. Sir!

Thanks & Regards

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

16 August 2024 Good Luck.

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