Hello,
At the start of the financial year, suppose I mentioned the selection of old tax regime to my employer. But towards the end of the year, if I find that new tax regime would have been much better than old regime.
All the TDS deduction from my salary throughout the year happened with old tax regime. In actual declaration too I showed the exemptions under older tax regime.
Now while filing ITR suppose I want to select the new tax regime instead of the old one which I mentioned to my employer at the start of the year. Is this possible?
And if yes, then is the process simple?
As far as, I know we only need to select the new tax regime (which is default) while filling ITR 1 form. Do we need to fill any other form?
CAclubindia
