How to select Old Regime in ITR from AY 2024-25 ONWARDS

By | April 27, 2024
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(Last Updated On: April 27, 2024)

How to select Old Regime in ITR from AY 2024-25 ONWARDS

In the recent budget (2023), the new tax regime became the default option for most taxpayers in India. However, you can still opt for the old tax regime for the Assessment Year (AY) 2024-25. Here’s how to select it depending on the ITR form you’re filing:

ITR-1 & ITR-2:

By default Taxpayer will be given New Tax Regime . For these forms,  you need to select Old Tax regime while filing ITR. In the ITR there is an option (under Personal Information TAB ):=

Yes
No
If you answer yes then , Old tax regime will be selected
If you anwer No , then New Tax regime will be selected

ITR-3 & ITR-4:

For these forms, you need to submit Form 10IEA before the due date for filing your ITR. This form explicitly states your choice to opt for the old tax regime.

Here are the steps to follow:

  1. select the form 10IEA on the website of the Income Tax Department of India under the efile- file form option: https://www.incometax.gov.in/iec/foportal/.
  2. Fill out the form, clearly indicating your intention to opt for the old tax regime for AY 2024-25.
  3. Submit the completed Form 10IEA electronically before the due date for filing your ITR.

Then you need to fill this information while filing ITR by selecting NO option.

number of Form 10-IEA)

Important Note:

  • Ensure you keep a copy of the submitted Form 10IEA for your records.
  • Once you opt for the old tax regime, you cannot switch back to the new regime for the same assessment year.

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