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Taxation Central Ministry of Finance Income Tax Act, 1961

Notification regarding the New Tax Regime as default regime for Individual, HUF, AOP (other than co-operative society), BOI and Artificial Juridical Person

21-Jun-2024 | NA

The Income ax department has issued a notification that for A.Y.2024-25, New Tax Regime is default regime for Individual, HUF, AOP (other than co-operative society), BOI and Artificial Juridical Person.

If someone wants to opt for "OLD TAX REGIME " and is :

(i) Eligible to file return of income in ITR 1 & 2 , then select relevant option directly in ITR and file return within the applicable due date.

(ii) Eligible to file return of income in ITR 3, 4 & 5 then you MUST file Form 10-IEA before the due date mentioned u/s 139(1).

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'.

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