I filed my ITR under the new tax regime, but later realized that the old regime might have been more beneficial for me. If I choose to file a revised return, can I switch from the new tax regime to the old one in that revised return?
That’s a very relevant situation, and many taxpayers face this confusion after filing their return. The good news is that yes, you can switch from the new tax regime to the old tax regime while filing a revised return, provided you are otherwise eligible.
Key Points You Should Know:
1. Choice of Regime – For most taxpayers (who do not have business or professional income), the option to choose old or new regime can be exercised every year while filing the return.
2. Revised Return Facility – If you initially filed under the new tax regime, but later realize the old regime offers better benefits (like deductions under 80C, HRA, home loan interest, etc.), you can revise your return and switch to the old regime.
3. Deadline – A revised return for FY 2024–25 (AY 2025–26) can be filed up to December 31, 2025.
4. Business/Professional Income Case – If you have business or professional income, the rules are stricter. Once you opt out of the new regime, you generally cannot switch back again in future years unless under specific conditions.
Official Link:
For confirmation and detailed guidance, you can always check the Income Tax Department’s official portal:
•Tip: Before revising, calculate your tax liability under both regimes using the Income Tax Department’s calculator on the portal. That way, you’ll be sure which regime benefits you the most.