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Since the new tax regime is the default tax regime, filing income tax return (ITR) under the old regime would require you to switch from the new tax regime. However, before you do that — it is imperative to be aware of certain key rules which govern the switch.
Income Tax: Among several benefits, one of the main advantages of choosing the old tax regime is that it enables you to claim exemption for house rent allowance (HRA).
My CTC is over Rs 50 lakh. For 2024–25, I opted for the new tax regime and contributed 14% of my basic to NPS. I also paid Rs 40 lakh towards my son’s education loan, with my homemaker wife as co-borrower. Can I switch to the old income tax regime while filing ITR?
Finance Minister Nirmala Sitharaman made significant announcements that have delighted middle-class taxpayers. The changes include raising the rebate limit from Rs 7 lakh to Rs 12 lakh under the New Tax Regime (NTR). Additionally, Sitharaman made adjustments to the tax slabs, benefiting taxpayers in higher income brackets and giving them more control over their finances.
Income tax department issued FAQs on new vs old tax regime for AY 2024-25.
Guidance regarding selection of Old tax regime and New tax regime
Misinformation on the new tax regime has been spreading on certain social media channels. To set the record straight, the ministry clarified several key points:
During the Union Budget 2023-24, Finance Minister declared that the new tax structure will be established as the default regime.
Budget 2024 income tax slabs: Finance Minister Nirmala Sitharaman will present Interim Budget 2024 on February 1, 2024 and like…
Any further shift among the taxpayers to the concessional personal income tax regime from 60% reported so far will require…