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