The Finance Ministry introduced the ‘New Tax Regime’ in the Finance Act 2020. So, a taxpayer can now choose to file taxes either under the Old Regime or the New Regime.


The difference between the Old & New Regimes is:

  • You can claim deductions, set off & carry forward losses under the Old regime
  • You cannot claim most Chapter VI A deductions and carry forward losses under the new regime. However, you can take benefits of lower slab rates. 


Income Tax Department has prescribed rules to opt-in/out of the new tax regime. You can refer to the below chart to learn more about the rules. 


 



1. File Form 10IE before the due date to avail the benefits of the new regime. 



Steps to Opt-In / Opt-Out of the New Regime on Quicko


After adding your income details in the INCOMES section, follow these steps:


  • In the Filing tab, navigate to REVIEW from the side nav
  • Click on NEW vs OLD REGIME
  • Choose a Regime
  • Add required details as per the regime chosen
    • Filed date of Form 10IE 
    • Acknowledgment Number
  • Click on Save





    

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