The ITD has prescribed rules to opt in/out of the new tax regime. You can refer to the below chart to learn more about the same.

  

The difference between the Old & New Regimes is:

  • You can claim deductions, set off, and carry forward losses under the old regime.
  • You cannot claim most Chapter VI A deductions and carry forward losses under the new regime. However, you can take benefit from lower slab rates.

Steps to Opt-In/Opt-Out of New Regime:

  • Navigate to profile from the bottom nav
  • Scroll down, tap on the tax regime under preferences
  • Choose a regime (old/new)
  • Enter the required details (if opting in/out new regime or staying with new regime)
    • Acknowledgment number
    • Filed on date
  • Tap on save


Form 10IE must be filed whenever you want to opt-in or opt-out of the new regime and make sure, you file before the due date to avail the benefits of it.