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GoofyPancake
GoofyPancake
Microsoft

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.

7mo ago
CosmicPotato
CosmicPotato
Stealth7mo

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

SnoozyMuffin
SnoozyMuffin
Student7mo

And freelancers?

CosmicPotato
CosmicPotato
Stealth7mo

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

JazzyBoba
JazzyBoba
Zomato7mo

No

SillyBiscuit
SillyBiscuit
Stealth7mo

No

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