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Salaried employees or pensioners without business income can change their tax regime at any time prior to filing their ITR every year by simply selecting the relevant option on the ITR-1 or ITR-2 form. New Delhi: With the income tax return (ITR) filing date extended to September 15, taxpayers have more time to decide whether to choose the old or new tax regime.
ITR Filing 2025: Selected New Tax Regime? Check Slab-Wise Tax Rates If Your Income Exceeds Rs 12 Lakh
Salaried employees or pensioners without business income can change their tax regime at any time prior to filing their ITR every year by simply selecting the relevant option on the ITR-1 or ITR-2 form.
Salaried employees or pensioners without business income are free to switch their tax regime at any point before filing their annual ITR. Due to the extension of the income tax return (ITR) filing date to September 15, taxpayers now have more time to select between the old and new tax regimes.
By simply choosing the appropriate option on the ITR-1 or ITR-2 form, employees or pensioners can change their tax regime. You have to submit Form 10-IEA for this change before the filing date. You can only go back to the old tax system once in your lifetime. The option is then locked. If the relevant form is not filed, the new tax regime will be applied by default.
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Although there are fewer deductions under the new regime, people with taxable incomes up to Rs 12 lakh are eligible for a complete tax refund. If your taxable income is more than Rs 12 lakh, your entire income will be taxed in slabs. The initial Rs 4 lakh is tax-free, followed by 5 percent on Rs 4 lakh to Rs 8 lakh, 10 percent on Rs 8 lakh to Rs 12 lakh, 15 percent on Rs 12 lakh to Rs 16 lakh and so on.
Only limited benefits under Sections 80CCD(2) and 80CCH(2) are permitted under the new tax regime. It excludes the broader 80C basket popular among salaried taxpayers.
What is available under old tax regime?
Under the old tax regime, House Rent Allowance (HRA), Leave Travel Allowance (LTA), deductions under Sections 80C to 80U and home loan interest under Section 24(b) are available.
What to consider before choosing a regime?
Before deciding on a regime, you should consider your income, pay structure and tax-saving investments. It would be beneficial to stick to the old regime if you can claim substantial deductions under Sections 80C, 80D, HRA or house loan interest. Salaried people with minimal deductions may benefit from the new regime.
It should be noted that under the new regime, losses from house property, capital gains or business income cannot be carried forward.
According to tax experts, taxpayers who are eligible to claim Rs 2 lakh deduction for home loan interest under Section 24(b) or a large house rent allowance (HRA) will benefit from the old tax regime.
Source: ZeeNews
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