If u change the method of return file
Old income tax regime vs New: Which one you should opt for?
- For ITR 1 & 2 – Income from CG, SALARY, IFOS HP only
Form 10-IE (option for Opting New regime 115BAC) Whether required to file?
No need to be filed for ITR 1 & ITR 2 separately. if wish to adopt then Do it with ITR only..otherwise nothing to do
Change of option –
The taxpayers having income from salaries, income from house property, capital gains or income from other sources may select tax regime year on year basis. So One can change to new or change to old scheme in any year ( if changing then ITR has to be filed before due date)
- For ITR 3&4 – having Business Income or Partnership Remuneration Interest
Form 10-IE (option for Opting New regime 115BAC) Whether required to file?
Mandatory to be filed in ITR 3 & ITR 4 for Those who want to shift to New before the due date .. Otherwise nothing to do
Change of Option –
if taxpayers have income from business or profession and they opt for a new tax regime, they can switch back to the old tax regime but only once in a lifetime and they will not be able to opt for a new tax regime again except they cease to have any income from business or profession.