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Can I Choose the Old Tax Regime While Filing ITR for the First Time in AY 2025-26?

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Not S1mple

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I hope you can help me out with some tax filing advice. This will be the first time in my life that I am going to file an Income Tax Return. I have never filed an ITR against my PAN before.​


My questions are:

  1. Will I be able to choose the old tax regime when I file my ITR for the Assessment Year 2025-26?
  2. As the belated ITR date has been extended for AY 2024-25, is there any possibility I could choose the old tax regime by filing the ITR through the (JSON) file format?
Any insights or advice would be greatly appreciated!

Thanks in advance! 😊
 
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Not S1mple said:

I hope you can help me out with some tax filing advice. This will be the first time in my life that I am going to file an Income Tax Return. I have never filed an ITR against my PAN before.​


My questions are:

  1. Will I be able to choose the old tax regime when I file my ITR for the Assessment Year 2025-26?
  2. As the belated ITR date has been extended for AY 2024-25, is there any possibility I could choose the old tax regime by filing the ITR through the (JSON) file format?
Any insights or advice would be greatly appreciated!

Thanks in advance! 😊
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yes, you can. But you are saying 1st time you are filing tax, so I guess doesn't matter if you choose new tax or old tax. But if your income is more than 18 lakhs then consider old tax regime.
 
@Not S1mple , my thoughts:
1. yes you get to chose the option. but its ideal to use the new regime to keep things simple. if have docs with 80C/d/e/blablah, and you saving tax with old one, then only consider old one.
2. if you conformable in doing the calculation in exl, etc and know what you would be doing use the JSON. In fact once i had to file a revised return -- that time my CA has used the JSON way only.
 
Sinatra said:
but its ideal to use the new regime to keep things simple.
Click to expand...
I dont understand this logic of keeping it simple. Tax filing is a max 1-2 day exercise even if you are an absolute beginner that can be outsourced for max 5-10k as well if you want a good ca and aren't inclined to do it yourself

I work 365 days a year to earn my salary on whatever is required to maximize my company's profit(some days just mentally while being on 'vacation' from office)...Surely I can spend 1-2 days on 'complicated' things to maximize my own profit

This simplicity is just hogwash by the fm and tax dept to trap you into paying more taxes in exchange for laziness? We work roughly 4-5 months/year to pay taxes to the government...what is 1-2 days or max 1 week if you do it lazily to get more money in your own pocket

Sorry for the rant its not directed at you but the whole funda of New Tax regime simplifying things boils my blood....you are taking 35% of my salary at least have the decency to not assume that I am foolish
 
msankadi said:
taking 35% of my salary
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that's just direct tax sir.

msankadi said:
roughly 4-5 months/year to pay taxes to the government.
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if you are salaried , reality is more depressing then you think.
For every ₹100 we earn in India, we pay about 48% in taxes, (30% TDS and 18% GST.), Factor-in other hidden taxes.

You work at minimum 9-10 months only to pay taxes, direct or indirect, if you are not working for L&T, or narayan murthy.
 
Sinatra said:
that's just direct tax sir.


if you are salaried , reality is more depressing then you think.
For every ₹100 we earn in India, we pay about 48% in taxes, (30% TDS and 18% GST.), Factor-in other hidden taxes.

You work at minimum 9-10 months only to pay taxes, direct or indirect, if you are not working for L&T, or narayan murthy.
Click to expand...

I'm salaried and i 100% know what you mean.
 
Sinatra said:
that's just direct tax sir.


if you are salaried , reality is more depressing then you think.
For every ₹100 we earn in India, we pay about 48% in taxes, (30% TDS and 18% GST.), Factor-in other hidden taxes.

You work at minimum 9-10 months only to pay taxes, direct or indirect, if you are not working for L&T, or narayan murthy.
Click to expand...
How dare you forget education cess
 
Not S1mple said:

I hope you can help me out with some tax filing advice. This will be the first time in my life that I am going to file an Income Tax Return. I have never filed an ITR against my PAN before.​


My questions are:

  1. Will I be able to choose the old tax regime when I file my ITR for the Assessment Year 2025-26?
  2. As the belated ITR date has been extended for AY 2024-25, is there any possibility I could choose the old tax regime by filing the ITR through the (JSON) file format?
Any insights or advice would be greatly appreciated!

Thanks in advance! 😊
Click to expand...
Hi. Old tax regime is useful only if your deductions cross a certain limit. Kindly look into the following image (courtesy cleartax) before deciding if old regime would be beneficial to you. 6fb5b406-f114-43aa-8abb-9523d2556266.webp
Note: First column contains income levels and first row contains deduction amount.

I feel new regime is beneficial for most individuals since AY 2024-25. And always personally calculate your tax liability before making any decisions.

Also Note :
1. Salaried individuals (filing ITR 1&2) can choose between regimes every year as of now
2. Individuals with business or professional income (filing ITR 3,4&5) cannot go back to old regime once they choose new regime
 
Sriim said:
Salaried individuals (filing ITR 1&2) can choose between regimes every year as of now
Click to expand...
Thanks so much for sharing I wasn't aware of this

So as of today if I being a regular salary guy choose to file it under new tax regime (till now using old regime) can next year I again choose the old regime?
 
msankadi said:
Thanks so much for sharing I wasn't aware of this

So as of today if I being a regular salary guy choose to file it under new tax regime (till now using old regime) can next year I again choose the old regime?
Click to expand...
I think yes, as of today you can switch between regime during filing. In future IDK if they allow.
 
We are paying heavy taxes for nothing. Old tax regime was designed to promote future investment. People used to invest for saving taxes. Like 80C, 24B, 80CCD(1) and 80CCD(2), 80D, 80EEA/80EEEA

Now after current budget announcement, old regime will become obsolete. Sadly but current govt and FM are of no vision.

In the name of tax simplification they want you to spend much and don't save for future.

We are paying taxes like European countries and getting facilities like Somalia.

No social security, no good hospital infrastructure, no good education infrastructure, no good roads, people have car they have different story of taxes to share, 4 level of taxes on popcorn, promoting VIP culture, no good law enforcement to resolve disputes quickly or in a timely manner, most of govt institutions are full of corruption
 
If you are filing ITR3, then you can shift the regime only once in a lifetime. For any other ITRs, you can change anytime you wish.
Also abve 25 lakhs of income, old tax regime makes sense if your deductions are more than 8Lakjhs in old regime, so breakeven point is much higher. It's easier to shift to new regime to avoid any hassle.
 
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