Quick Summary
For AY 2024-25, NEW TAX REGIME is the default regime for Individual, HUF, AOP (other than co-operative society), BOI and Artificial Juridical Person.
If you want to opt for "OLD TAX REGIME" and you are
(i) Eligible to file return of income in ITR 1 & 2 , then select relevant option directly in ITR and file return within the applicable due date.
(ii) Eligible to file return of income in ITR 3, 4 & 5 then you MUST file Form 10-IEA to avail benefit of old tax regime, and file return within the applicable due date.
Please compare the tax liability under the New Tax and Old Tax regime before filing of the return. For computing tax liability please click on the link 'Income Tax Calculator'.
For more details, please find below the links of videos related to Old Regime vs New Regime
FAQ :
For Assessment Year 2024-25, the New Tax Regime is the default option for individuals, HUFs, AOPs (excluding co-operative societies), BOIs, and Artificial Juridical Persons.
If you are eligible to file your return using ITR 1 or 2, you can select the Old Tax Regime directly within the ITR form and file it by the due date.
If you are filing your return using ITR 3, 4, or 5, you must first submit Form 10-IEA to opt for the Old Tax Regime. You can then file your return by the due date.
Yes, it is strongly recommended to compare your tax liability under both the New Tax Regime and the Old Tax Regime before filing your income tax return.
You can use the 'Income Tax Calculator' link provided to compute your tax liability under different regimes.
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