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

The difference between the Old & New Regime is:

  • There are reduced Income Tax slab rates in the new regime
  • All major exemptions and deductions are not allowed in the new regime 

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

To Opt-In to / 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
  • Select from Opting-in to the new regime or Opting-out of the new regime
  • Click on Save

Read more on New Regime