Thursday, April 18, 2024

Can I change again to the outdated tax regime if I want to purchase a home in future?


A reader says, “Thanks for the incredible new tax regime vs outdated tax regime calculator for FY 2023-2024 (AY 2024-2025). It’s very easy and helpful. At the moment, the brand new regime is helpful for me.  Can I change again to the outdated tax regime if I want to purchase a home in future?”

The outdated tax regime might effectively be sundown in future. Final AY, we had a alternative between the 2 regimes. The brand new tax regime is the default this AY. As per present guidelines, in the event you select the brand new tax regime, you possibly can change to the outdated regime anytime in case you are salaried with no enterprise revenue.

You probably have a enterprise revenue, you possibly can change again to the outdated regime as soon as however then can not transfer to the brand new regime once more. Salaried individuals or HUF with no enterprise revenue (these submitting ITR1 and a pair of) can select between the outdated and new regime (part 115BAC) yearly.

Others (with enterprise revenue) can select to be within the outdated regime for so long as they need, however as soon as they shift to the brand new tax slab, they are going to be allowed to withdraw solely as soon as. In the event that they change again to the outdated regime from the brand new one, they can not return to the brand new one until their enterprise revenue is zero.

The brand new tax regime is a superb alternative for all younger earners. There isn’t any want to purchase merchandise to “save tax”. That is how most individuals begin their funding journey and litter their portfolios. So we advocate avoiding that and choosing the brand new tax regime. Use an fairness index fund and EPF/NPS (100% debt) to begin with out worrying about saving tax and let the brand new tax regime decrease your tax burden naturally.

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