WebNov 11, 2024 · Effective from FY 2024-21, an individual has an option to contine with the old, exisiting income tax regime and avail tax deductions and exmeptions. Else, she can … WebAug 5, 2024 · “The I-T department has taken away the benefit of lower taxes via the new regime in returns filed belatedly so as to encourage taxpayers to file within the …
Can you change tax regime while filing Income Tax Return (ITR)?
WebApr 10, 2024 · While the new tax regime is now the default option, individuals can still opt for the old income tax regime. Only people not having an income from business or profession can exercise this option every year, according to a recent clarification issued by the Central Board of Direct Taxes (CBDT). advertisement Web1 day ago · Under the old regime, it is Rs 5 lakh, while it is Rs 7 lakh in the new tax regime. Those opting for the old regime will get Rs 12,500 as rebate. To make the new … bilsyn thisted
ITR filing: Why salaried individuals should not delay selecting ...
WebPlease note that individual or HUF opting for new tax regime u/s 115BAC has to mandatorily file Form 10-IE before due date of filing of return u/s 139(1). After filing Form 10-IE, original return or revised return is required to be filed mandatorily to avail the benefit of new tax slab u/s 115BAC and Acknowledgement Number and date of filing ... WebApr 21, 2024 · Getty Images Other tax exemptions such as HRA and deductions under sections 80C, 80D etc can be claimed in ITR if you switch from new regime to old tax regime when filing ITR. The Central Board of Direct Taxes (CBDT), via a circular dated April 13, 2024 clarified that employers will have to deduct TDS from salary for FY2024-21 … WebAug 18, 2024 · IR-2024-153, August 18, 2024. WASHINGTON — The Internal Revenue Service reminds taxpayers who've yet to file their 2024 federal income tax return to … cynthia newman