Old tax regime to new tax regime change: The last date for filing income tax is currently 31 July 2025. It is mandatory for every employed person whose salary falls under the tax slab to file ITR. In such a situation, many of us have a question in our mind whether we can switch from the old tax regime to the new tax regime while filing ITR.
Taxpayers have two different options available to file ITR. These include Old Tax Regime and New Tax Regime. Under the new tax regime, taxpayers will not have to pay any tax on an annual income of about Rs 12 lakh.
However, many tax exemptions are not available under this tax regime. These mainly include Section 80C. Under Section 80C, a tax exemption of Rs 1.5 lakh is available under the old tax regime. Both tax regimes have different benefits.
This question is arising in the minds of many taxpayers whether one can switch from the old tax regime to the new tax regime or can one go back to the old tax regime from the new tax regime. Let us know what rules have been made regarding the tax regime.
Can the tax regime be changed?
According to the Income Tax rules, at present any taxpayer can change from the old tax regime to the new tax regime. You will be given this option while filing ITR. Which means that if a person was choosing the old tax regime while filing ITR last year 2024-25. So he can choose the new tax regime while filing ITR this year 2025-26.
In this way, if a person was using the new tax regime last year i.e. 2024-25. So he can file ITR under the old tax regime this year.
Actually, while filing ITR, taxpayers automatically get an option. In which it is asked whether you want to stay out of the new tax regime under section 115BAC. If you select yes, then your tax will be automatically deducted under the old tax regime.
If you choose the option of ‘No’ then money will be deducted under your new tax regime. You can choose any tax regime as per your convenience.
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