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The time has come to file Income Tax Return (ITR Filing 2024). Many taxpayers want to change the tax system while filing the return. Let us tell you that if you have not selected the tax system, then the new tax system will be automatically selected or will have already been selected.
Can taxpayers who want to change the tax system do so now? Let's know the answer to this question.
Default tax regime
Finance Minister Nirmala Sitharaman had changed the income tax slab in Budget 2023. She had announced the new tax system. In this, annual income of Rs 3 lakh has been made tax free and the tax has been increased to Rs 5 lakh. Let us tell you that the new tax system is the default system.
If the taxpayer has not yet opted for the tax regime, then the tax will be automatically paid under the new tax regime. Apart from this, the company will also deduct TDS under the new tax regime.
How to change the tax regime?
The Central Board of Direct Taxes (CBDT) has not yet given any information about whether the tax system can be changed or not. This means that it is not yet clear whether the tax system can be changed or not.
However, tax experts say that the company gives the taxpayer an option for tax settlement. If the company does not give this option to the taxpayer, then there is no solution to this.
Many experts say that the taxpayer can choose the tax regime while filing ITR. That is, while filing the return, the taxpayer can choose the tax regime as per his choice.