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New regime

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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3 Replies

CA. Sourav Sarkar (Chartered Accountant ) (24578 Points)
Replied 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

harpal sidhu (26 Points)
Replied 09 March 2021

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

Prajakta (Student CA IPC / IPCC) (89 Points)
Replied 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