From AY21-22/FY20-21 taxes can be filed through two regimes: Old regime and New regime. You can read up about old and new regimes in this article.
You can see computation of both these regimes on Quicko and check which regime is better for you. Here are the steps:
1. Click on the review button in the ITR
2. Click on the Old vs New regime computation
3. Compare the computations and see the optimised regime
Old regime will be the default tax regime. To switch between the regimes, you can take the following steps:
- Step 1: Click on Review> go to the Old vs New regime page
- Step 2: Select 'Yes' for Are you opting for new regime u/s 115BAC.
- Step 3: Navigate to Review> Tax Computation- To check the detailed breakdown of the tax regime
Ensure to fill Form 10IE before opting for new regime. Here is how you can fill Form 10IE from the Income Tax website. Quicko will show the fields applicable as per the new tax regime.