Income Tax Return: How to select old tax regime while filing ITR for FY2023-24
Remember that the new tax regime has become the default tax regime from the assessment year 2024-25. Most of the popular deductions such as Section 80C, Section 80D, and HRA are not available in the new tax regime so if you want to claim such deductions you can choose the old tax regime while filing ITR.
1) Log in to the income tax e-filing portal eportal.incometax.gov.in using your login ID and password.
2) You will see an option to file your income tax return for the year ended March 31, 2024, i.e. for the assessment year 2024-25. Click on 'File Now'.
3) In the next step, you have to select your ITR assessment year which is 2024-25 (current AY) and your mode of filing an income tax return. Click on Online and continue if you are filing ITR online.
4) Click on the 'Start Filing' option and select what return you want to file — Individual or HUF or Others. In the next step, you have to select the ITR form applicable to you. Select it accordingly and press 'Continue'. In the next step, you will be asked the reason for filing an income tax return. Select the option applicable to you and click on 'Continue'.
5) In the next step you will be given a few options. One of them will be Part A - General Information. This is the mandatory option for filing any ITR. You can either select all the options such as Part A - General Information, and Part B - Schedule Governed by Portugese Civil Code for ITR-2.
6) Once you give permission to 'Continue' filing ITR, this is the first question you will see:
"As the new tax regime is the default tax regime for A.Y. 2024-25, do you wish to exercise the option u/s 115BAC(6) for Opting out of the new tax regime? (default is “No”) (Note: If you want your tax liability to be computed as per "Old Tax Regime", please select "Yes".
If you want to switch to the old tax regime, you need to choose the 'Yes' option. If you are filing ITR 1 or ITR 2, selecting the 'Yes' option is enough. You can then file your income tax regime in the old tax regime.Those who are filing ITR 3, ITR 4, and ITR 5, have to select the 'Yes, within due date' option in the field provided for the 'opting out option' under schedule 'Personal Information' or ‘Part A General’ in the respective ITRs.
If you only have income from salary and are filing ITR 1, then you can switch to the old tax regime while filing ITR even if you chose the new tax regime earlier to your employer, says Abhishek Kumar, Founder of SahajMoney.com.
You can choose the old regime while filing ITR even if the TDS is deducted as per the new regime earlier.
According to the Income Tax website, “If you want to opt for old tax regime and you are eligible to file a return of income in ITR 1 & 2 then select relevant option directly in ITR and file return within the applicable due date. Eligible to file a return of income in ITR 3, 4 & 5 then you MUST file Form 10-IEA before the due date mentioned u/s 139(1)."
