Wanting to switch tax regime? Here's how to do it while filing ITR
FOR BUSINESS OR PROFESSIONAL INCOMEIf you have business or professional income and file ITR 3, ITR 4, or ITR 5, the rule is stricter. You can switch from the new regime to the old regime only once in your lifetime by submitting Form 10-IEA before the due date. If you switch back to the new regime later, you can't go back to the old regime again.The latest ITR 4 form for FY 2024–25 asks for more details from taxpayers opting out of the new regime. For example, you'll need to mention if you filed Form 10-IEA last year, its date and acknowledgement number, and whether you plan to continue opting out this year. Even if you missed filing Form 10-IEA last year, you must now declare your choice and give the right details for the current year.THINK BEFORE YOU CHOOSEBefore you tick any box or fill out any form, it's wise to compare both regimes. Check which one gives you more tax savings. The old regime offers various deductions and exemptions, while the new regime has lower tax rates but no major deductions.- EndsTrending Reel
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