Income tax return: Taxpayers beware! You will get the benefit of the old tax system as soon as you file your income tax return by 31st July!

Income Tax Return News Update: This is very important news for taxpayers filing income tax returns in the financial year 2023-24 and assessment year 2024-25. For those taxpayers who are going to file income tax returns in the old tax regime to avail tax deductions, it is very important for them to know how they can avail the benefits of the old tax regime. Any taxpayer who wants to file his income tax return under the old tax system will have to file the return by July 31, 2024, otherwise he will not get the benefits of the old tax system.

Benefit of old tax system if filed by 31st July!

Filing of income tax returns for assessment year 2024-25 has started from April 1, 2024. In this, a major change has been made in the rules for filing ITR. Only those taxpayers who file income tax returns on time will get the benefit of the old tax system. The new tax regime has now become the default tax regime for filing income tax returns. Under the income tax rules, any taxpayer will be able to file income tax return under the old tax regime only if he files the income tax return on or before July 31, 2024, the last date for filing the return. The deadline for filing income tax returns will end on July 31, 2024.

There is no benefit of old tax system in delayed ITR

If a taxpayer files a delayed income tax return between August 1, 2024, and December 31, 2024, the tax burden on him will be calculated based on the new tax regime. In such a situation, taxpayers will not get the benefit of claiming any deduction. After which they will have to pay tax on the income based on the new tax regime, on which no deduction is available. In such a situation, those taxpayers who want to file income tax returns under the old tax system, tax experts have advised them to file income tax returns before the deadline of July 31.

Salaried people can switch between the new and old tax regime

Salaried taxpayers can choose between the new and old tax regimes and switch to any one of them in any financial year. Salaried taxpayers who have not given their employer the option to choose the old tax regime while deducting TDS and Form 16 has been prepared based on the new tax regime, can file returns in the old tax regime while filing income tax. return.