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Taxpayers in India often wonder if they can switch their tax regime after filing their Income Tax Return (ITR) . The Income Tax Act provides two options: the old regime with deductions and exemptions, and the new regime under Section 115BAC with lower rates but limited exemptions. While salaried individuals may have flexibility through revised returns, business and professional taxpayers face tighter restrictions. Understanding these rules is essential to avoid mistakes, pena

Choosing the right tax regime in India is one of the most important financial decisions for any taxpayer. With two options available under the Income Tax Act, 1961—the old regime with multiple deductions and exemptions, and the new regime with lower tax rates but limited benefits—picking the right one can significantly impact overall tax liability. Many individuals make avoidable mistakes such as failing to compare both regimes, claiming ineligible deductions, or not informin

The choice between the old and new tax regime  for pensioners in India depends on how tax slabs, deductions, and exemptions align with individual income patterns. Pension income, senior citizen-specific benefits, and interest exemptions play a critical role in determining the right option. Pensioners with significant deductions often benefit from the old regime, while those with simpler incomes may find the new regime easier. Table of Contents Regime Choice for Pensioners: Ol

Freelancers and consultants in India must choose between the old tax regime, with its broad range of deductions, and the new regime, which offers lower rates but limited exemptions. The decision impacts tax liability, ease of filing, and long-term planning. Both regimes are available each year, allowing professionals to opt for whichever reduces their tax outgo most effectively. With recent updates in Budget 2025, including revised slabs and higher standard deductions, unders

The choice between the old and new tax regime is one of the most important financial decisions for salaried professionals in India. The old regime allows multiple deductions and exemptions, such as HRA, 80C, and 80D, while the new regime offers reduced tax rates with fewer deductions. Deciding which regime is better depends on salary structure, investments, and tax-saving preferences. Both systems serve different types of taxpayers, and a detailed comparison ensures that sala

The debate between the old and new tax regimes has gained more importance in FY 2025-26 with changes in slabs, deductions, and rebates. The old regime continues to allow multiple exemptions and deductions such as HRA, 80C investments, and home loan interest, while the new regime offers lower slab rates, a higher standard deduction of ₹75,000, and a generous rebate of up to ₹60,000 for incomes up to ₹12 lakh. Choosing the right regime depends on income level, deductions claim

The future of the old tax regime has been the subject of ongoing speculation, especially with the implementation of the new Income Tax Act, 2025. From April 1, 2026, the new regime becomes the default option, but the old regime remains available. Current reforms focus on modernising the law and simplifying compliance, not on removing the older system. Taxpayers can continue choosing the old regime if they prefer deductions and exemptions, making it clear that the government h

Choosing between the old and new tax regimes is often the first major decision for a new taxpayer in India. The new tax regime, now the default option from FY 2023-24 onwards, offers concessional rates and simplicity but fewer deductions, while the old regime provides multiple exemptions at higher slab rates. For FY 2025-26, the government has revised slabs, raised the basic exemption limit, and enhanced rebates under the new regime, making the choice more significant than e

Assisted filing and DIY filing each offer distinct benefits when it comes to choosing the right income tax regime under the Indian Income Tax Act, 1961. The decision affects overall compliance, accuracy of reporting, and the ability to optimise deductions and exemptions. With evolving rules, adjusted tax slabs, and shortened compliance timelines, selecting between the old and new regimes is not just about saving tax but also about avoiding errors. Platforms like TaxBuddy h

Understanding the differences between the Old and New Tax Regimes is crucial for taxpayers in FY 2025-26. The New Tax Regime, now the default option, offers simplified slabs, higher rebates, and fewer deductions, while the Old Regime allows extensive exemptions and deductions for strategic tax planning. Knowing which regime suits individual income, investments, and expenses can optimize tax liability and maximize refunds. TaxBuddy provides intuitive tools and calculators