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  1. economictimes.indiatimes.com › wealth › taxNew tax regime to old tax regime: How to choose old income ...

    Jun 27, 2024 · The notified ITR forms asks the individual "Do you wish to exercise the option u/s 115BAC(6) of opting out of new tax regime? (default is No)". The income tax return form will determine the amount of income tax due based on the new tax regime's slabs if the option "No" is chosen.

  2. taxguru.in › income-tax › section-115bac6-opting-outSection 115BAC(6) – Opting out from New Tax Regime - Tax Guru

    Jun 5, 2024 · Understand Section 115BAC(6) and opting out from the New Tax Regime (NTR). Learn about exercising options, withdrawal, and eligibility criteria.

  3. economictimes.indiatimes.com › wealth › taxHow to switch from new tax regime to old tax regime - The ...

    Feb 7, 2024 · The notified ITR forms asks the individual "Do you wish to exercise the option u/s 115BAC(6) of opting out of new tax regime? (default is No)". If the option "No" is selected, the income tax return form will calculate the amount of income tax payable as per the slabs of the new tax regime.

  4. www.incometax.gov.in › iec › foportalFAQs on New Tax vs Old Tax Regime | Income Tax Department

    However, the intimation made to the employer would not amount to exercising the option in sub- section (6) of section 115BAC for opting out of the new tax regime. The employee shall be required to do so separately before the due date specified under section 139(1) for filing of return of income.

  5. www.livemint.com › money › personal-financeIncome Tax: Want to opt out of the new tax regime? Here is a ...

    May 7, 2024 · One has to file form 10-IEA which is an application for exercise of option under section 115 BAC (6), i.e., for opting out of the new tax regime. For business cases, form 10-IEA has been...

  6. economictimes.indiatimes.com › wealth › taxIncome Tax Return: How to select old tax regime while filing ...

    Jul 8, 2024 · 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?

  7. taxguru.in › income-tax › section-115bac-new-taxSection 115BAC: New Tax Regime – Analysis ... - Tax Guru

    Apr 15, 2024 · a) New Regime (Section 115BAC) is Default Tax Regime and Old Regime is optional. b) If a taxpayer (having income from business or profession) has to opt for Old Regime, then Form 10-IEA has to filed within the due date specified u/s. 139 (1) of the Act.