Income Tax Return: In the tax return form issued by the Income Tax Department for assessment year 2024-25 (FY-2023-24) taxpayers, the new tax regime has been described as the default regime. Due to this, taxpayers who must file ITR in the old tax regime have to file a new form 'Form 10-IEA'.
The time has come to file income tax return. Salaried professionals may have submitted or are submitting their investment proofs. Income tax return forms have also been notified. Now taxpayers can check which income tax regime is generating less tax for you by doing tax calculations etc., that is, in which regime there is more savings. For this, salaried professionals can get a provisional salary slip from their office, through which they can see their income tax slab and tax calculation.
If you have also calculated your slab and tax liability, then you must have got an idea whether you want to file your tax return this time in the new tax regime or in the old tax regime. If you feel that this time you will get more benefit by filing ITR in the old tax regime, then you will have to take an extra step this time
You may also be aware that in last year's budget, the new tax regime was made the default regime, due to which the taxpayers automatically moved to the new tax regime, that is, for the old tax regime, they will have to choose it separately through a form. In the tax return form issued by the Income Tax Department for assessment year 2024-25 (FY-2023-24) taxpayers, the new tax regime has been described as the default regime. Due to this, taxpayers who have to file ITR in the old tax regime have to file a new form ‘Form 10-IEA’.
Salaried professionals have to fill this form before July 31, 2024. This is the deadline to file tax returns. If you have to file your ITR return before this date, then you will have to submit this form before that. However, you can also file your tax return as a belated return till December 31, 2024, for which you will have to pay late fees. But keep in mind that if you file a belated return, you will not be able to change the tax regime. To change the tax regime, you will have to submit the form by 31st July only.
In this form you will be asked for your PAN details. With this you will have to fill your tax status (Individual, HUF, Resident etc.). Along with this, you will also be asked whether you had switched tax regime before this or not.
If you want tax exemption on things like medical insurance, home loan deduction, tuition, rent, leave travel allowance etc. under Section 80C, Section 80D, then you should file ITR in the old tax regime. In the new tax regime, you will get the benefit of standard deduction of Rs 50,000 and lower tax rate only.