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ITR Filing- Old or New Regime

12 February 2024

Can an employee file ITR under the old regime, if TDS on salary for the relevant FY(23-24) has been deducted by the employer under a new regime of taxation or vice versa?

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7 Replies

RAJA P M ("Do the Right Thing...!!!") (127542 Points)
Replied 12 February 2024

But, before get declaration form employee.
it's better practice...

CA Rashmi Gandhi (Chartered Accountant) (86285 Points)
Replied 12 February 2024

Yes he can do so. There is no such compulsion that assessee must choose the same option as declared by the employer.

But as Mr. Raja PM said get the declaration from employer to avoid any notice or litigation.

RAJA P M ("Do the Right Thing...!!!") (127542 Points)
Replied 12 February 2024

Originally posted by : CA Rashmi Gandhi
	Yes he can do so. There is no such compulsion that assessee must choose the same option as declared by the employer.But as Mr. Raja PM said get the declaration from employer to avoid any notice or litigation.

Not Employer,

I said Employeee....

2 Like

CA Rashmi Gandhi (Chartered Accountant) (86285 Points)
Replied 12 February 2024

Employer file his TDS return only after getting declaration from employee but sometimes after declaration employee made new investment.

2 Like

RAJA P M ("Do the Right Thing...!!!") (127542 Points)
Replied 12 February 2024

Employer file his TDS return only after getting declaration from employee....!!!

You mean it's from April...??

1 Like

CA Rashmi Gandhi (Chartered Accountant) (86285 Points)
Replied 12 February 2024

No, generally declaration taken between dec to Feb by companies.

Many private companies ask for declaration in april too and thereafter final in jan-feb

1 Like

Suresh Kumawat (Chartered Accountant) (360 Points)
Replied 16 February 2024

Yes, employees can file their ITRs under the old regime even if the employer has deducted TDS for the relevant FY 2023-2024 under NTR.

While filing their ITR, employees are not restricted by the tax regime under which TDS is deducted by their employers. Based on their financial circumstances and tax planning preferences, employees can select between the old and new tax regimes, with or without deductions and exemptions.

Employees can choose the tax regime that is most beneficial for them regardless of how TDS is deducted by their employers. A decision should be made by employees based on their income sources, eligible tax deductions and exemptions, and tax liability after evaluating both regimes.

To determine the most suitable tax regime for their situation and ensure compliance with all tax laws and regulations, employees should carefully evaluate their options and consult with a tax advisor if necessary.

3 Like