Tax regime help
Dear community, I made a huge mistake trusting the calculator of tax regime by TCS and by its calculation I’ve opted for old regime. My ctc 11-15lpa. Since last 2 months I’m having huge deductions on my salary and it’s really difficult to cope up with living expenses. After discussing with HR I was supposed to select new regime which would provide me more cash on hand and some issue with their tool it didn’t show accurate analysis. Any one know if by chance I could reverse my tax regime to NEW TAX SLAB? As far as I’m aware it’s irreversible now please help
I'll suggest you get a CA for this but as far as I know while filling your returns you can opt for whichever regime to want and on the basis of the regime selected your tax liabilities will be calculated, however tax paid ( TDS ) will remain same, and if you're tax liabilities are less then what you've already paid you'll be eligible for a return with interest
Start showing proofs like HRA,80C investment proof, Medical insurance if any .. NPS also 50k you can if want to...
While filling ITR you can switch thebtax regime
you can only switch next year. make sure to file the tax return in new regime for AY 25-26.
