Is the old tax regime applicable after the due date?
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No, generally the old tax regime is not applicable if the income tax return (ITR) is filed after the original due date. For belated returns, the new tax regime is the default and mandatory option.
Can I change my tax regime while filing an ITR after due date?
Yes, the employee must specify the tax regime he wants to choose for the employer. At the time of filing of ITR, they can switch the regime as per their wish and whichever is beneficial to them.
Can I file a late return under the old tax regime?
No, you cannot choose your tax regime when filing a belated ITR. The default tax regime for the financial year 2024-25 is the new tax regime. So, you must file your ITR under the new tax regime.
When to go for the old tax regime?
The Old vs New Tax Regime debate centers on tax slabs and deductions. Income up to ₹12 lakh is tax-free under the new regime, due to rebate. Beyond ₹25 lakh, the old regime is better if deductions exceed ₹8 lakh. Between ₹12 - 25 lakh, the choice depends on your deduction level.
What happens if I file an ITR after the due date?
If I fail to furnish my return within the due date, will I be fined or penalized? As per section 234F, late filing fees of Rs. 5,000 shall be payable if return furnished after due date specified under section 139(1).
New tax slab rates for senior citizen in FY 25-26 कितने income पर कितना tax | CA ANITA AGRAWAL
Can I still get my tax return after the deadline?
Claim a refund
If you are due a refund for withholding or estimated taxes, you must file your return to claim it within 3 years of the return due date. The same rule applies to a right to claim tax credits such as the Earned Income Credit.
Is there a penalty for a late tax return?
A fine of up to $1,650.
Can I shift to an old tax regime?
An individual with non business income can switch between the new and old tax regimes every year. Within the same year, again it is emphasized that the choice of old tax regime can be made only before the due date of filing the return u/s 139(1) of I T Act.
Can NRI opt for old tax regime?
Residents, as well as non-residents, have the same tax slab rates. Both have the flexibility to choose between the existing tax regime and the new tax regime slabs. Each option offers distinct advantages and understanding them can help you make an informed decision that aligns with your financial goals.
What are the disadvantages of the old tax regime?
What are the disadvantages of Old Tax Regime? One of the biggest disadvantage of the old tax regime is its complex tax structure that includes multiple exemptions and deductions. This can be challenging for taxpayers to understand and comply with.
Does NRI need to file ITR in India?
As an NRI, PIO, or OCI, you may be required to file tax returns in India if your Indian income surpasses the specified threshold or if you seek to claim refunds for excess tax deductions. While filing an ITR is mandatory only under certain circumstances, voluntary filing can be beneficial in many ways.
Can we file ITR as per old regime?
However, since the new tax regime is default, filing this form is not needed anymore. Then, when filing the ITR, choose the "New Tax Regime" option. If you wish to change to the old tax regime, then you need to fill out form 10 IEA, which indicates your desire to move to the old regime.
How much does a CA charge to file an ITR?
ITR Filing Charges:
Salaried ITR Filing: ₹1,000/- Capital Gain / Share Gain-Loss ITR: ₹1,500/- Business ITR – 44AD Return: ₹2,000/-
Can we file late ITR in old tax regime?
Consequently, a belated ITR filer will not be able to claim tax deductions and exemptions that are available under the old tax regime. This is your last chance to claim your TDS refund. File your ITR by 31st December and avoid notices and scrutiny. File Late Return Now!
Can we switch to the old tax regime in a revised return?
Is it possible to switch tax regimes while revising my ITR? Yes, taxpayers can switch between the old and new tax regimes while filing a revised return. The revised ITR form allows selecting the preferred tax regime for that assessment year, enabling adjustments in deductions and exemptions.
Can I amend my tax return after due date?
Time limitations to amend
To receive a tax refund, an amended return needs to be filed by the later of: three years from the original due date of the return. three years from the date you actually file if after the deadline. within two years of paying tax for that year.
Which tax regime is better for NRIs?
The old tax regime features high slab rates and allows several deductions and exemptions. It includes the Section 80C, 80D, and home loan interest. The new tax regime offers low tax slabs with limited exemptions/deductions, simplifies compliance, and reduces planning flexibility.
What is the penalty for late ITR filing?
The penalty for late filing of ITR is Rs. 1,000 for income up to Rs. 5 lakhs and Rs. 5,000 for higher incomes, plus 1% monthly interest on unpaid tax.
What is the 90% rule for non-residents?
What is the 90% Rule? In a nutshell, the 90% rule is simple: if 90% or more of your worldwide income is from Canadian sources in the tax year, you're eligible for non-refundable tax credits reserved for residents.
Which is better, old or new tax regime in 2025?
Income up to Rs 12 lakhs can be tax-free under the new regime due to increased rebate from FY 2025-26. The aforesaid rebate is not applicable for income taxable at special rates. eg., capital gains, online gaming income, etc. Under the old regime, income up to Rs 5 lakhs can be effectively tax-free.
Is 12 lakh tax free for old regimes?
12 Lakh are eligible for a rebate under Section 87A, making their tax liability zero. It is important to note that this tax liability is only valid for taxpayers who choose to forego exemptions and deductions such as HRA and LTA under the new tax regime.
Can we get a refund in an old tax regime?
Old Regime
A resident individual is having a total taxable income of less than Rs 5 Lakh, up to Rs. 12,500 rebate can be availed. But the rebate allowed shall not exceed the total tax payable before cess in any case.
What happens if you miss the deadline for your tax return?
You might have to pay IRS penalties and interest if you file your federal income tax return after the April deadline, your due date isn't extended, and you end up with a tax bill. First, the IRS charges a 5% penalty per month on any tax due if your return is filed late. The penalty is capped at 25% of the tax owed.
What will trigger an ATO audit?
They can be triggered if the ATO notices that the numbers don't add up: Failure to declare income. Improperly claiming deductions. Your lifestyle not matching your nominal income.
Can I file an income tax return after the due date?
Yes, ITR can be filed after the due date. This is known as a belated return. However, this may result in a late filing fee and interest on any outstanding tax liability. The last date to file a belated return is the end of the relevant assessment year.