FAQ on New vs Old Regime [AY 2024-25]

Chapters / List

1. Overview

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2. What is the difference between the old and new tax regime?

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3. Which is better between the old tax regime and the new tax regime?

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4. Is it necessary for the employee to intimate the tax regime to the employer?

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5. I am a salaried taxpayer. Can I claim HRA exemption in the new regime?

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6. Am I eligible for Rs. 50,000 standard deduction in the new tax regime?

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7. In the new tax regime can I claim deductions under chapter-VIA like section 80C, 80D, 80DD, 80G etc. while filing the ITR for AY 2024-25?

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8. Can I claim deduction of Interest on borrowed capital of Rs. 2,00,000/- for self occupied property under Income from House Property in the new tax regime?

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9. I am a senior citizen. In the old tax regime there are special advantages in tax rates for senior citizens. Are there any such advantages in new tax regime?

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10. Is there any difference in tax rebate under section 87A in old and new tax regime?

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11. While filing ITR for FY 2023-24 (AY 2024-25), I want to opt for the old tax regime instead of the default new tax regime, should I file Form 10-IEA before filing his income tax return (ITR)?

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12. I am filing ITR in new regime for AY 2024-25. Can I switch between old and new tax regime in the next years?

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13. I am having business income and have opted in and opted out from the new regime in the previous years. So, will I be in old regime for the AY 2024-25?

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14. I have business income, I have wrongly filed Form 10-IEA but want to file the return under new tax regime. As there is no option to withdraw Form 10-IEA in that case whether my return can be filed under new tax regime?

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15. I am filing ITR-5. I want to opt out of new tax regime? Whether Form 10-IFA or Form 10-IEA would be applicable to me?

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