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.
- 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.
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
Read more on New Regime