Taxpayers Can Switch Income Tax Regimes While Filing ITR

Taxpayers in India have until 31 July to file their income tax returns.

Salaried individuals can choose between the old and new tax regimes when filing their returns, even if their employer used a different regime for TDS.

This flexibility allows them to select the regime that results in lower taxes.

However, those with business or professional income have stricter rules and must follow specific procedures to switch regimes.

It's important to compare tax liabilities under both regimes before filing to ensure the best choice is made.

Those who file late may lose the option to choose the old regime.