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Check Points before switching to New Income Tax Regime
In the Budget 2023, one of the important proposals is reduced rate of tax and increased threshold limit under the New Tax Regime. This article is emphasizing on a few of the check-points that need to be kept in mind before switching over to the New Regime from the old regime. Following are the check-points:- ♦ Filing ITR by 31st July old regime to the new regime for financial year 2022-23, should be required to file their Income Tax Return by 31st July 2023. From the financial year 2023-24 a new tax regime will become the default regime. That means while filing the Return of Income for financial year 2023-24 under the old regime, one has to select that option. ♦ Compare the taxability before switch It is advisable to compare the taxability under the old regime with the new regime before switching. As those who have business income can’t always make the switch. Only the taxpayers having no business income can switch between the tax regimes each year. ♦ Additio...