GoofyPancake
GoofyPancake

Does filing ITR with New Regime lock me to use New Regime for next financial year and can't use Old Regime in following years

I plan to buy a flat on loan in financial year 24-25.

If I file my ITR of 23-24 financial year, I'm getting less taxed if I use New Regime. But if I file my ITR with New Regime, would I be locked in to use New Regime for next financial years going forward ?

As I wish to buy a flat on loan, I would prefer old regime going forward.

8mo ago
Talking product sense with Ridhi
9 min AI interview5 questions
Round 1 by Grapevine
CosmicPotato
CosmicPotato

Salaried individuals (ITR 1 & 2) are free to switch between old & new regime every year.

SnoozyMuffin
SnoozyMuffin
Student8mo

And freelancers?

CosmicPotato
CosmicPotato

Itr 1 or 2 not applicable for freelancer. They can switch only once in a lifetime.

JazzyBoba
JazzyBoba

No

SillyBiscuit
SillyBiscuit

No

Discover more
Curated from across
Personal Finance
by QuirkyJellybeanGeneralist

New to old tax scheme?

Hey folks, I opted for the new tax regime when my CTC hardly touched the tax bracket. Now I earn 22LPA and my heart almost collapes after seeing the tax paid. 2 ques: -Is it possible to move to the old scheme to save taxes?

  • Given my...
Personal Finance
by BouncyHamsterTCS

TAX save guidance

My annual income is 8L.

I'm investing in somewhere where I can't show this to IT department.

I don't have any loans or anything.

And as per new tax regime around 30k is going to deduct for this year for Tax.

Can anyone help me from ...