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 regime in this article.
Steps to see Old vs New Regime computation
- Navigate to Review in ITR
- Click on the Old vs New regime computation
- Compare the computations and see the recommended & default regime based on the income situation entered in ITR
Old regime will be the default tax regime.
Steps to stay with the Old tax regime
As per the ITD guidelines, Form 10IE needs to be filled in case of business income (ITR-3 and ITR-4) to opt out of the new regime. If you have filed Form 10IE for opting in, you need to fill the same as well to withdraw out of the new tax regime. Here are the steps for filing the Form 10IE.
- Click on Review> go to the Old vs New regime page
- Click on the card 'You save Rs xx more under Old Regime'
- Select the option 'Opting-out of New Regime' and click on save
- Your preference of the old tax regime will be saved and stored at tax payer level. You will be redirected to the Review > New vs Old Regime screen with the message 'you are under optimized regime'
- Navigate to Review> Tax Computation- To check the detailed breakdown of the tax regime
Note: Quicko will show the fields applicable as per the old tax regime in ITR when opted for old tax regime.