Switching old & new tax regime

Taxation
1

I have been filing my tax in the old regmine up till now.

However , this year, I heard the new regmine is the default .

I think my tax liability is coming out to be similar in both the regimes.

So, if I don’t want to waste my “limited chances” of switching back and forth, then in which regime I should file, the one I have been using or the one that is the default (new) this year.

( I mostly have capital gains from equities. And minor losses in FnO. Although I did deposit in PPF , it probably won’t help offset STCG and LTCG, so it’s a waste )

2

Hey @raghav.95,

The new regime has now been made the default regime. As you have losses in F/O, which is considered as business income, you’d have to file ITR 3.

In case of individuals having income from business or profession, they can switch to old regime only once by filing a form named Form 10IEA.

In this case, you can file under the new regime.

Hope this clarifies.

1 Like
3

I have negligible losses in F&O. Can I file ITR2 ? ( I don’t want to show those losses because it’s a very small amount. )

4

Hey @raghav.95,

We always recommending reporting all sources of incomes, even if they are losses. However, if you do not report any business income, ITR-2 can be filed.