Can we change Tax Regime while filing ITR
salaried employees can change the tax regime at the time of filing their Income Tax Return (ITR).
For FY 2022-23 (AY 2023-24)
salaried individuals can switch bet salaried employees are required to provide intimation regarding their choice of tax regime to employers in the beginning of the financial year. Failure of the same will result in deduction of TDS u/s 192 of IT Act according to the default tax regime i.e. Old tax regime u/s 115BAC of the IT Act.
However tax regime can be changed at the time of furnishing of tax return u/s 139(1) of the IT Act,.
you can switch between old and new tax regime on a year-on-year basis.
For FY 2023-24 (AY 2024-25)
salaried individuals can switch bet salaried employees are required to provide intimation regarding their choice of tax regime to employers in the beginning of the financial year. Failure of the same will result in deduction of TDS u/s 192 of IT Act according to the default tax regime i.e. Newtax regime u/s 115BAC(1A) of the IT Act.
However tax regime can be changed at the time of furnishing of tax return u/s 139(1) of the IT Act,.
you can switch between old and new tax regime on a year-on-year basis.