The Income Tax Department on June 21, 2024, notified regarding the NEW TAX REGIME is the default regime for Individuals, HUF, AOP (other than co-operative society), BOI and Artificial Juridical Persons.
The following has been stated:
If you want to opt for "OLD TAX REGIME " and you are:
• Eligible to file a return of income in ITR 1 & 2, then select the relevant option directly in ITR and file the return within the applicable due date.
• Eligible to file a return of income in ITR 3, 4 & 5 then you MUST file Form 10-IEA to avail the benefit of the old tax regime, and file return within the applicable due date.
Please compare the tax liability under the New Tax and Old Tax regime before filing of the return. For computing tax liability please click on the link 'Income Tax Calculator'.
