Master in Accounts & high court Advocate
9615 Points
Posted on 28 February 2025
As per the current tax laws, you can opt for the old tax regime while filing your ITR for FY 2024-25, even if:
1. *TDS was deducted under the new tax regime*: The TDS deduction is based on the tax regime chosen by your employer, but you can still opt for the old tax regime while filing your ITR.
2. *You opted for the new tax regime last year*: You can switch between tax regimes from year to year, so you can opt for the old tax regime this year even if you chose the new tax regime last year. However, keep in mind: -
*No change in tax regime for certain individuals: If you have opted for the new tax regime and have availed of certain exemptions or deductions, you may not be allowed to switch to the old tax regime. -
Verify eligibility*: Ensure you meet the eligibility criteria for the old tax regime, such as not having any business income or not being a director of a company.
To opt for the old tax regime while filing your ITR: 1. *Select the correct option*: In the ITR form, select the option for the old tax regime.
2. *Provide required details*: Fill in the required details, such as your income, deductions, and exemptions, as per the old tax regime.
3. *Verify and submit*: Verify your ITR form and submit it to the income tax department.