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New regime

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30 Points Posted on 09 March 2021
My employer has deducted tax on the basis of old regime for FY-20—21.Now will I be able to file ITR for AY-21/22 on basis of new regime. Do I have to act now?
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On 09 March 2021 at 11:20 Report
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Chartered Accountant
24588 Points Posted on 09 March 2021
If you file under new regime means under concessional rate of tax then no deduction and set off benefits will be applicable for return. You should file ITR under old regime
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On 09 March 2021 at 12:52
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30 Points Posted on 09 March 2021

Deductions are understandable, but please explain set off. Capital gains? 

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On 09 March 2021 at 13:32
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Student CA IPC / IPCC
89 Points Posted on 09 March 2021
Past Losses of the sections that are not allowed under new regime, if any, can not be claimed.. You want to opt or not depends on your personal case.. go with what results in a lesser tax liability
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On 09 March 2021 at 17:06


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