Taxpayers Must File Income Tax Regime By 31 July 2024 to claim old tax regime benefit

Income Tax Return News Update: This is very important news for taxpayers filing income tax returns in the financial year 2023-24 and assessment year 2024-25. For those taxpayers who are going to file income tax return in the old tax regime to avail the benefit of tax deduction, it is very important for them to know how they can avail the benefit of the old tax regime. All taxpayers who want to file their income tax return under the old tax regime will have to file the return by July 31, 2024, otherwise they will not get the benefit of the old tax regime.

Benefit of old tax regime if filed by 31st July!

Filing of income tax returns for assessment year 2024-25 has started from 1st April 2024. In this, a major change has been made in the rules for filing ITR. Only those taxpayers who file income tax returns on time will get the benefit of the old tax regime. The new tax regime has now become the default tax regime for filing income tax returns. Under the income tax rules, any taxpayer will be able to file income tax return under the old tax regime only if he files the income tax return on or before July 31, 2024, the last date for filing the return. The deadline for filing income tax returns will end on July 31, 2024.

No benefit of old tax regime in belated ITR

If any taxpayer files a belated income tax return between August 1, 2024 and December 31, 2024, then the tax burden on it will be calculated based on the new tax regime. In such a situation, taxpayers will not get the benefit of claiming any deduction. After which he will have to pay tax on the income on the basis of the new tax regime on which no deduction is available. In such a situation, those taxpayers who want to file income tax return under the old tax regime are advised by tax experts to file the income tax return before the deadline of 31st July.

Salaried people can switch between new and old tax regime

Salaried taxpayers can choose between the new and old tax regimes and switch to either of them in any financial year. Salaried taxpayers who have not given their employer the option to choose the old tax regime while deducting TDS and Form 16 has been prepared on the basis of the new tax regime, can file the return in the old tax regime at the time of filing income tax return.

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