WebOct 28, 2024 · You can select the old regime or the income tax new regime, based on your preference. No income tax needs to be paid if your taxable income is below Rs 5 lakh in both the regimes, and yet there is a tax of 5% on income above Rs 2.5 lakh. This may seem like a conflicting statement. WebJun 14, 2024 · YOUR QUERIES: INCOME TAX: Can switch to old tax regime at the time of filing income tax return Under the new concessional tax rate regime, individuals can offer their total...
Filing Revised Income Tax Return Under Section 139(5) - Tax2win
WebApr 10, 2024 · By India Today Business Desk: The new income tax regime became the default option available to all taxpayers – including salaried employees – from financial … WebSep 6, 2024 · Step 1: Visit the e-filing website of the Income Tax Department. Step 2: On the home page, log into your online account by entering in your user ID, password and the captcha code displayed. Step 3: On your account, click on ‘E-File’ and then choose ‘Income Tax Returns’. Step 4: herma keil
Can you change income tax regimes while filing revised ITR?
WebJun 22, 2024 · Ans: In ITR-1 for AY 2024-22, there is an addition of section 115BAC. If you wish to opt for the new tax regime under section 115BAC, select Yes in the new ITR form, else select No. Please note that option for new tax regime u/s 115BAC will be available only till due date of filing of return u/s 139 (1). Q.4 What documents do I need to file ITR-1? WebApr 16, 2024 · Sir.. I had selected new tax regime by mistake during the financial year 2024 and wanted to switch back to old one during ITR filing. But I did not get any option to select old tax regime during ITR filing. WebYes, any individual taxpayer can opt for new tax slabs, there are no restrictions based on type of income earned by a taxpayer. Under new tax slabs, you will be able to claim all the direct expenses related to your business activity while calculating your taxable income. Hope this helps! Niraj 17/02/2024 hermaksan