While filing ITR, you are now feeling that you wish you had selected another tax regime. If you also want to change the tax regime then this article is for you. Today we will tell you whether the tax regime can be changed or not. Let us tell you that if you have not selected the tax regime yet, then the new tax regime has been automatically selected.
The time has come to file Income Tax Return (ITR Filing 2024). Many taxpayers want to change the tax regime while filing returns. Let us tell you that if you have not selected the tax regime, then the automatic new tax regime will be selected or will have been done.
Can taxpayers who want to change the tax regime do so now? Come, let us know the answer to this question.
Default tax regime
In Budget 2023, Finance Minister Nirmala Sitharaman had made changes in the Income Tax slab. He had announced a new tax regime. In this, Rs 3 lakh annual income is tax free and the tax has been rebooted to Rs 5 lakh. Let us tell you that the new tax regime is the default regime.
If the taxpayer has not yet selected the tax regime, then tax will be paid under the automatic new tax regime. Apart from this, the company will also deduct TDS under the new tax regime.
How To Switch Tax Regime?
- The Central Board of Direct Taxes (CBDT) has not yet given any information regarding whether the tax regime can be changed. This clearly means that whether the tax regime can be changed or not is not yet clear.
- However, regarding this, tax experts say that the company gives the option to the taxpayer to settle the tax. If the company does not give this option to the taxpayer then there is no remedy for it.
- At the same time, many experts say that the taxpayer can select the tax regime when he files ITR. That is, while filing returns, taxpayers can choose the regime as per their choice.
Also read-
- What is the feedback feature of Income Tax Department related to AIS, what are its benefits?
- ITR Filing Benefits: Check Benefits Of Filing Your Income Tax Return
- Tax Benefit For Under Construction House, Know income tax rules
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