If you think you have made a mistake while selecting between new and old tax regimes then here is the way to switch back to the scheme you desire.
Through the Current Financial year’s Budget, Union Minister Nirmala Sitharaman announced the new tax regime as voluntary compliance. Taxpayers, especially employees are allowed to choose between the old and new regimes as per their preference.
As the protocol says at the beginning of every financial year the employees are required to inform their employer about the tax regime they wish to go with.
Latest Update
- Budget 2024 – The Finance Minister of India introduced several changes to the IT rules in the budget 2024. The tax slabs have been revised only under the new income tax regime.
Need Software for Easy ITR Filing
For instance, if you first wish to go with the old tax system but eventually find the new tax regime more beneficial for you then there is a way for you to switch to the new tax regime.
While Filing an ITR
The government has given the employees the choice between the old and the new tax regime. The decision normally has to be taken at the beginning of the financial year but in case if you have chosen the old tax regime but you find a new system much more beneficial for you then you can switch to the new system while filing the Income tax return
Anytime in the financial year before the ITR filing, you cannot switch to another regime.
Old Tax System V/S New Tax System
The new tax regime is the lower tax regime which means it has reduced rates of taxes but the system does not allow any tax reduction based on tax-saving investments like the old tax regime. On the other hand, the tax slabs under the old tax regime remain untouched but here you can avail deductions on tax-saving investments.
Tax Slabs Under the New Tax Policies
As per the new tax regime, no tax applies to income up to Rs 3 lakh per annum. Above that:
- A 5% tax is applicable on income from 3 lakh to 7 lakh per annum
- 10% tax is applicable on income from 7 lakh to 10 lakh per annum
- 15% tax is applicable on income from 10 lakh to 12 lakh per annum
- 20% tax is applicable on income from 12 lakh to 15 lakh per annum
- 30 % tax is applicable on income more than 15 lakhs per annum
Along with relevant cess and surcharges.
Read Also: A Summary of Tax Calculator with Pros Under New Tax Regime
What to do in Case of More Tax Outgo?
As per the laws, the employees have to choose between the old and the new tax regime and inform their employers about their choices, however, if one is not certain about the choice then he/she can certainly change his/her decision at the time of ITR filing.
In case the employee encounters that the tax deducted is more than the actual payable amount, then he/she can claim the refund (by filling online refund application) for that extra tax while filing the Income-tax refund.
Hi,
I have joined a company in may and may declaration was new regime by default but i have change to old regime and i think due to less investment now my Tds will be cut high can i switch to new or can i get they access amount if i choose new regime while filing itr
I had chosen the old regime for FY22-23 and the organisation has deducted the tax, Can i change that to new regime during ITR?
I am working in an organization, the organization had by default opted for a new tax regime at the start of the financial year, so huge tax is getting deducted, is there any law which does not allow an organization to change the tax regime?
is it possible to change the tax regime in the financial year, don’t want to wait till next year to fill the ITR and get the return
same with me.
by default new tax regime is selected and deducting big tax amount every month.
Employer not allowing to switch tax method now.
Same here.
Anyone has any idea how to switch to Old one now ?
At the time of filing of Return you can opt for Old Tax Regime and can claim TDS
I have filed an Original return in old tax regime before the due date. Before the due date they have mentioned in the mail,I have revised the return also and changed the tax regime to new. Now I have received an Intimation 143 (1) (a), in that the income tax is not allowing me to choose the new tax regime.
I have this question
Can we choose New tax regime before the due date for revised return?
Yes before the due date, you can change the Regime and if the portal is not allowing the same then you can contact the portal for this matter.
I have filed an Original return in OLD tax regime before the due date,ie 31st July.
Received an email from income tax on September 1 st and revised tax was submitted on September 4 th and the tax regime was changed to “New”.
Revised return was filed within the date mentioned in the mail (17th September was the last date mentioned in the mail for filing the revised return).
Now, I have received the Income tax Intimation u/s 143(1) with respect to the return of income filed by me for the Assessment year 2022-23.
Is changing the tax regime in the above mentioned case possible?
No as you have filed your revised return after Due date and changing of Regime after due dates is not allowed
I have filed an Original return (ITR-2) in old tax regime before the due date. As the form 10 IE is not applicable for ITR-2 i have not filed the form for that period. After the due date i revised the return and changed the tax regime to new. Now i receive an Intimation 143 (1) (a) in that the income tax is not allowing me to choose the new tax regime.
I have this question
Can we choose for new tax regime in ITR-2 after the due date for revised return ?
No, you can’t choose for New Tax Regime after the due date for the Revised Return.
In the financial year 2021-22, along with the salary, the arrears of 2020-21 have also come. In the financial year 2020-21, ITR has been filed from old tax regime, now I am filing ITR from new tax regime in 2021-22, so in 10E Can I calculate arrears under the new tax regime?
Yes, Arrear Relief can be claimed in New Tax Regime as well.
i have filed form 10ie to opt new tax regime in april 2022 and filed itr in july 2022 but income tax dept has calculated tax based on old regime and sent demand due..
I accidentally choose the new tax regime, can we switch back to the old tax regime in the month of May.
Same Query here. It can be the case that in April employee didn’t have any investment so he has chosen a new tax regime and from May onwards started investing so he can declare the same. Could you please answer and suggest a way to switch back to the old Tax regime?
By mistake I filled return of AY 22-23 in new tax regime on 21/7/22. Can I revise before 31 July to go to old tax regime
Please tell at which step in ITR I can change to old regime
Dear sir,
I have already filed ITR for AY2021-22 by opting new regime. At that time, tax was Nil under both regimes, hence I opted for the new regime. But for preparing anticipatory statement for the year AY 2022-23 I have to include Form 10E for arrears received for AY-2021-22. Now I am suffering some loss because I have not included the deductions under sec 80C (Rs. 1.5L). Can I file a Revised return before March 31st for opting Old regime and can claim the deductions of Rs. 1.5L available under sec. 80C
Sir,
I have mistakenly filed form 10IE and selected new tax regime for my society but now I want file ITR under old regime. is it possible to file Society ITR under old regime?
Thanks and regards
Switching from new regime to old regime can be done while filing the ITR form if a person is a salaried employee. While verifying the personal details, the page has got a question asking whether we opt for a new regime. Selecting NO as the answer for that question will automatically switch one from new to old regime.
I started new tax regime for filling IT but now I want to file IT return with old regime. What is the procedure.
With profound regards.
Can i change the new regime to old regime for a declaration if I change the company in the same financial year(2021-22)? The previous company i was opt for new regime but in current company i want to change that, new to old regime in same financial year(2021-22).
Is it possible?
i am waiting for your answer.
During e-filing I have observed tds amount less then showing but deducted excess.
Please clarify. I have been by mistake selected new syllabus
i have entered new tax regime for my business/profession income , can I switch back to new scheme
I have Professional Income,
i have select new tax regime for the FY 2020-2021, can I switch Back to old Scheme for the Next FY 2021-2022
I’m Self employed no business income , then i can switch New to old Regime & old to new regime vice versa
Yes, you can switch but once you opt out of New Regime you can’t choose it again
Mistakenly I had chosen a new tax regime which is impacting my take-home salary. In next month(August) I will be switching my job. So in a new company can I opt for the old tax regime? In the new company also my tax will deduct as per the new regime? Please clarify.
I wrongly opted for a new tax regime which led me to lose a big chunk in my May salary, can I get the deducted amount refunded if I again choose the old tax regime?
Yes, you can opt for the old tax regime while filing your Income Tax Return, excess TDS Deducted will get refunded to you after filing of return of income.
am also wrongly choose New regime instead of Old regime, now monthly 6k Deducted in salary. please help any solution is there to change Old regime.
i have also done the same mistake in 2020 and i having loss due to this.My employer said it would be refunded when filling ITR in July.
Hi Kuldeep,
I have chosen new regime and I have received less salary than regular. I heard that switching is not possible now. But, I want to know that you get refund on your tax return filing or not.
Sir I have filed my return in new regime in Ay 2021 -22, now I want to file my return in old regime for Ay 2022-23, Iam getting income from pension and FD intt. Where I can switch the new to old regime practically, pl help
I have mistakenly selected a new regime scheme, because of that my tax is deducting every month, is that possible to change in between?.
please let me know when I can change to the old regime.
and please advise is that possible to claim more tax deduction this year if yes please advise the process to claim while filing ITR.
Waiting for your reply.
“Please contact to the department”
Many people are in this situation and it would be very helpful if you can elaborate on how to do this.
How can someone switch from a new to an old regime at the time of filing ITR? How will proofs for HRA, 80C, LTA etc… be considered while filing ITR?
if we wanted to update income and deductions details at the time of ITR filing which were not done earlier and documents for it was not submitted to an employer then form 16 will not match with my tax filing. Is it mandatory to upload form 16 and what if form 16 and tax filing do not match? Also, if I choose to change my regime, form 16 again will not match. Please clarify what will happen in that case? My employer will not update my form 16. Is form 16 required for any purpose?
I wrongly opted for a new tax regime which led me to lose a big chunk in my February salary, can I get the deducted amount refunded if I again choose the old tax regime?
My employer has deducted tax as per the new regime & it has noticed me in Jan 21. Now they are not changing from new to the old regime and unable to save tax-saving against house rent, Child Education, NPS, Housing loans. As per IT Guideline – Can Employer change Regime any time in this Fy Year & During ITR – Can I get a refund by selecting Old Regime.
I am a Doctor and a government Employee.
I have both Salaried and professional income. I submitted my Tax declaration for FY 2020-2021, to my employee in the old regime.
But I want to submit my income Tax return in the new regime at the time of filling of my income tax return in July 2021.
Is my salary with professional income create any problem to switch from the old regime to the new regime at the time of filing income tax.
Why the Employer is not able to recall the Tax regime selection option again… I have selected a new tax regime mistakenly, but not able to switch back to the old regime now…
I made the same mistake or rather my companies system made a fault and made me choose the new tax regime. Now more tax is deducted every month and I have been told that I need to select the old regime at the time of filing the ITR to claim a refund. I do not know I can submit my investment proofs while filing the ITR as during ITR filing there is no provision to attach investment proofs. Just wait and watch.
There is no option to shift the regime but you can submit your return as per the regime that you want(old regime). Extra TDS deducted will get refunded to you.
I see everywhere that we can switch between Old and New Regime while I submit my ITR irrespective of what I declare to my employer. But I want to know how to do that while submitting the ITR. Where can I find that option to switch? My IT has been deducted as per the new Tax regime, while submitting the ITR, where can I switch back to the old tax regime in the ITR declaration portal?
Did you find out the solution for this? have you able to find how to switch if yes please let me know
I want to change my preference of tax filing from new regime to old regime because it is beneficial to me. As I had opted the new regime my prefilled data indicates higher tax liability. Please guide me how can I change it
Hi, I made the same buy mistake. I selected a new regime still if i submit investment proofs i will get a refund amount? if yes how can i do can you guys help on this
All are writing the same problem. None is giving a solution. This shows we are all following sheep. without hurt to them
Do you this you reply is satisfactory, It indicates that how much serious about your subscribers who are using SAG software
I am also facing same issue. did you find any solution?
Do I need to furnish the rent agreement and rent slip….while filling ITR as per old norms….I have selected a new regime.
I accidentally choose the new tax regime, can we switch back to the old tax regime in the month of October, Also when I can fill ITR to get the return of this financial year amount
FOR AY 21-22 DUE DATE OF FILING ITR IS 31st JULY 2021
can you get solution for any switching from new tax regime to old? please help me to get
If you have opted for New Regime and filed a Form of New Regime then for filing the Return of Next Year you have to again file a form to opt out of the New Regime
I have selected the new tax regime mistakenly. And now I got to know that under the new tax regime we cannot file HRA and Investments under 80c. At the time of filing ITR, we can move to the old tax regime, right? Under that regime, we can file all the investments and HRA?
Is it true?
Kindly clarify !!
YOU CAN CHANGE AND FOR MORE CLARIFICATION PLEASE CONTACT TO DEPARTMENT
Today a few minutes ago on the official website of my employer I have mistakenly chosen a new tax regime instead of the old one. Can I change it now?
You can file your income tax return as per the old regime and excess TDS will be refunded by the department
Hi,
I have by mistake selected a new tax regime and I will lose 3.88 Lakhs in extra tax with this option. How can I change it? I selected it by mistake. Please help.
No, you can’t change your regime but you can file your return as per the old regime. If any extra TDS is deducted will get refunded to you.
Which department we will reach for this case
I will take New regime current financial year but next can i file in old regime.
Hi,
I have chosen a new tax regime accidentally. How, when, and where can I switch back to the old regime again. Also, I hope, still, I can file my ITR for the financial year 20-21 with the old regime itself. Please guide with the steps to revert back
Yes you can opt old regime before filing ITR
Hello,
I have by mistake selected a new regime in the company’s declaration portal instead of the old regime, due to which I am paying 27k tax which would be 0 in the case of the old regime.
Can you please let me know if I can change this during IT returns and will I get a complete refund of the money which has got deducted?
Awaiting for any response.
Thanks!
Yes, you can file your Income Tax return with the old regime, any excess TDS deducted by the employer will get refunded to you.
Hi,
Thanks for the response. Excess tax which is the 27k which is cut under new regime will be refunded?
Appreciate your response.
Thanks!
I am not able to see the option to select the new tax regime in ITR 1. By default, it is taking the old regime. I am filing an IT return for my father who receives a pension and there is no option provided the state govt to select the option at the start of FY. So, I want to choose this option at the time of e-filing
The new regime is applicable from AY 21-22
I have opted new tax regime, wanted to switch to the old tax regime checked with the employer, they have mentioned it is not possible from there side, how to switch back to old now as per this block we select the old one during the time of ITR filling what’s with the form 16 it will as per new tax regime right, what to do in this case please suggest something.
You can file your return as per the old regime, if excess TDS is deducted by your employer, it will get refunded
How to save tax with the new tax regime? I mistakenly selected the new tax regime but now I want to go back to my old one. But seems like, I am not able to now? can I do it for the next month?
You can select an old regime while filing your return of income and any excess TDS deducted will get refunded to you.
Can you confirm if LTA will be eligible while file income tax returns if I want to change the tax regime to old? I read somewhere that LTA will not be applicable at the time of filing IT return if we are changing new to old regime.
Yes, you can opt for an old tax regime while filing ITR and LTA will be applicable.
Hello,
I have mistakenly selected a new regime scheme, because of that my tax is deducting every month, is that possible to change in between?.
please let me know when I can change to the old regime.
and please advise is that possible to claim more tax deduction this year if yes please advise the process to claim while filing ITR.
Waiting for your reply.
Yes, you can change
I have a mistake to choose tax old or new. I choose a new tax .but I want to go with an old tax. How can I change it …may I return this money back… please answer me…
PLEASE CONTACT TO DEPARTMENT
HR Dept or IT Dept
Is it possible to change the Regime to Old in July? They are not allowing in our office to change the regime. Is it possible to change outside the company?
Hi,
Can we move back to old tax regime in between financial year. as, I choose new regime declaration erroneously and post two months I am trying back to Old Regime as this is impacting on my take home salary.
Can I switch back to old regime soon after two months from choosing New Regime?
I have opted a new tax regime but my slab old tax regime was more suitable. Could you please help me how could I get back to my old tax regime.
Thank you and looking forward to hearing from you.
Regards,
Varalakshmi BN
Yes. you can opt old tax regime back
When I select old regime ? 20-21 year
I’m also facing same problem,
Thanks
I have declared the investments as per the old regime and mistakenly selected the new regime this month and lot of tax deducted.
How can we change it to the old regime?
Please contact to the department
Hi Priya, mistakenly opted new tax regime and submitted, but I have my 80c which will bring down my tax deduction.
now, how I can get back my tax deduction?
If you opted a new tax regime and submitted Investment Declaration Form, you can change later.
Hi Priya, I have the same case. Now when can I change it from new to old regime? And, until then it will be deducted as per new regime only so will I be able to claim it later?
Hi mam,
I have selected a new regime,
is there any chance to change,
and it is permanently fixed as a new regime in the next coming financial years?
Yes you can change
You said that we can able to change but how to file the old tax regime in ITR
Please contact to the department.
if form 16 is in new tax regim can I Select old tax regim avail deduction of under section 80C COULD I GET REFUND OF EXCESSES TAX
Hi,
While filing IT returns, I mistakenly opted for the new tax regime and submitted the returns. And after that I came to know that the old regime is better suited for me & I now wish to change that one. Is there any way to switch between the new and old regime now?
Please contact the department regarding this matter
Hi Priya,
Being an employee, I have to declare Investment declarations and Rent paid/payable details to the employer at the beginning of the financial year.
Suppose, I have opted for the New Tax regime and informed to my employer and not submitted the details of Investment declarations and Rent paid/payable details.
Incase at the time of filing income tax returns, if I feel Old Tax Regime is beneficial, I can choose Old Tax Regime and file the returns.
As I have not submitted Investment declarations and Rent paid/payable details to the employer, whether an employee has to collate all these details keep it with him?
Kindly clarify
With regards,
Subramanya R
No sir, Employer will not collate these details. Employer will deduct tax according to the Regime opted. In your case, you have opted for a new regime and the employer has deducted your tax according to the new regime. But at the time of filing of return you have opted for old regime then whatever will be the shortfall or excess of tax deducted you will have to adjust it at the time of filing of Return.
SAG Team, Even I have done the same mistake, I chose the New Regime and l paid a lot of tax. Can you help me with this, How much you are charging for this?