Tax Regime: Can the New Tax Regime be changed to the Old Regime? Know everything here

While submitting ITR, you are actually feeling that you simply want you had chosen one other tax regime. If you additionally need to change the tax regime then this text is for you. Today we’ll inform you whether or not the tax regime can be changed or not. Let us inform you that you probably have not chosen the tax regime but, then the new tax regime has been robotically chosen.

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The time has come to file Income Tax Return (ITR Filing 2024). Many taxpayers need to change the tax regime whereas submitting returns. Let us inform you that you probably have not chosen the tax regime, then the automated new tax regime will be chosen or can have been achieved.

Can taxpayers who need to change the tax regime achieve this now? Come, tell us the reply to this query.

default tax regime
In Budget 2023, Finance Minister Nirmala Sitharaman had made modifications in the Income Tax slab. He had introduced the new tax regime. In this, Rs 3 lakh annual revenue is tax free and the tax has been rebooted to Rs 5 lakh. Let us inform you that the new tax regime is the default regime.

If the taxpayer has not but chosen the tax regime, then tax will be paid beneath the automated new tax regime. Apart from this, the firm will even deduct TDS beneath the new tax regime.

How To Switch Tax Regime?
The Central Board of Direct Taxes (CBDT) has not but given any info relating to whether or not the tax regime can be changed. This clearly implies that whether or not the tax regime can be changed or not is just not but clear.

However, relating to this, tax specialists say that the firm provides the possibility to the taxpayer to settle the tax. If the firm doesn’t give this selection to the taxpayer then there is no such thing as a treatment for it.

At the identical time, many specialists say that the taxpayer can choose the tax regime when he recordsdata ITR. That is, whereas submitting returns, taxpayers can select the regime as per their selection.

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