“Stay informed about crucial points for filing Income Tax Returns for A.Y. 2023-24 & A.Y. 2024-25. Understand due dates, regime options, and implications for individuals with or without business income. Ensure compliance for maximum benefits.”
DUE DATE
Until A.Y. 2023-24, an individual must file their Income Tax Return on or before the due date specified under section 139(1) if they wish to opt for the New Regime. They may select any tax regime that benefits them each year, with no restrictions.
Starting from A.Y. 2024-25, an individual must file their Income Tax Return on or before the due date specified under section 139(1) if they wish to opt for the Old Regime.
INDIVIDUAL WITHOUT ANY INCOME DERIVED FROM A BUSINESS OR PROFESSION
Until the A.Y. 2023-24, taxpayers who file their Income Tax Return (ITR) using ITR 1 or ITR 2 can choose any tax regime while filing their ITR under section 139(1). However, if they miss the due date under section 139(1), they cannot opt for the New Regime.
Starting from the A.Y. 2024-25, taxpayers who file their ITR using ITR 1 or ITR 2 can select any tax regime while filing their ITR under section 139(1). However, if they miss the due date under section 139(1), they cannot opt for the Old Regime.
Every year, they have the flexibility to choose the tax regime that is most beneficial for them, without any restrictions.
AN INDIVIDUAL WHO EARNS INCOME FROM THEIR BUSINESS OR PROFESSION
Until the A.Y. 2023-24, taxpayers who file their Income Tax Return (ITR) using ITR 3 or ITR 4 can choose any tax regime while filing their ITR under section 139(1). However, to opt for the New Regime, they must file Form 10IE on or before the due date under section 139(1), and if they miss this deadline, they will not be able to opt for the New Regime. If they had opted for the New Regime in the previous year by filing Form 10IE, they can choose to switch back to the Old Regime only once in the current or next year by filing Form 10IE on or before the due date under section 139(1). After this, they will not be eligible to opt for the New Regime in the future.
Starting from the A.Y. 2024-25, taxpayers who file their ITR using ITR 3 or ITR 4 can select any tax regime while filing their ITR under section 139(1). However, to opt for the Old Regime, they must file Form 10IE on or before the due date under section 139(1), and if they miss this deadline, they will not be able to opt for the Old Regime. If they had opted for the Old Regime in the previous year, they can choose to switch to the New Regime only once in the current or next year by filing Form 10IE on or before the due date under section 139(1). After this, they will not be eligible to opt for the Old Regime in the future.
DUE DATE MISSED
For A.Y. 2023-24, It is mandatory to file taxes in the Old Regime, which means that even if the New Regime is more advantageous for you, you cannot switch to it.
For A.Y. 2024-25, it is mandatory to file taxes in the New Regime, which means that even if the Old Regime is more beneficial for you, you cannot choose it. Consequently, after the due date, you become ineligible for deductions such as Home Loans, School Fees, Life Insurance, and Mediclaim, among others
– CA Brijmohan Lavaniya
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