SwirlyJellybean

New tax regime or Old tax regime for annual income > 12 Lakhs?

Which is better to opt in case of > 12 LPA salary. In New tax regime, there are no rebates for ELSS, Medical insurance, etc. How to get the tax return in that case?

6mo ago

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PerkyWaffle

Stealth6mo

Choose a new regime while filing ITR 1 and if you do trading then ITR 2, and if income tax is paid more then after filling ITR you will automatically get return in bank account

SwirlyJellybean

Stealth6mo

I understand that but while filing ITR we can show our investments to get refund if excess tax paid. But in new regime, there's no such rebates under 80C and all, so there's no way to get the return it seems this year

do u think we can get return with new tax regime for FY25?