Income Tax: This is the way to select the old tax regime, you will not receive any income tax notice..

The time has come to file an Income Tax Return i.e. ITR, the last date of which is 31 July 2024. Salaried people must have received their Form-16 from their employers by now. Usually, it is received after 15 June. Meaning they can start filing their Income Tax Return (ITR). E-filing ITR has become much easier than before, which a person can easily complete sitting at home. In today's story, we are going to tell you what are the rules for salaried people to businessmen and how can you apply them while sitting at home.

Rules for salaried people
According to the new rules, salaried taxpayers can choose the new to old and old to new tax system whenever they want. The rates are low in the new tax system, but choosing it will not give exemptions and deductions. According to the rules, salaried people and pensioners will be able to go from new to old and old system only when they do not have business income.

On the other hand, the income of taxpayers earning money from consultancy comes under business. It does not come under the category of income from salary. People working as consultants are not allowed to switch from new to old and old to new systems every year. Unlike salaried people and pensioners, salaried taxpayers who also earn income from freelance activities do not have the option to switch every year.

Businessmen have one chance.
Taxpayers earning income from business will have only one chance to choose between the new and old system. In simple words, if businessmen pay taxes under the new system this time and return to the old system next year, then they will not be able to change. If a person's income from business stops in the future, then he will have the option to choose between the new and old income tax system every year.

What is the complete process?
Step 1 - Go to the Income Tax e-filing website.

Step 2 – Log in to the website using your PAN card and password.

Step 3 – After that click on the File Now option appearing on the screen. Then you will get the option to select either old or new.

Step 4 – After clicking, you will be asked to select the assessment year. Just below that you will see the option of online, tick it.

Step 5 – After that click on Start New Filing. As soon as you click, you will get the option of Individual.

Step 6 – Then you will see the option of ITR 1 to 7, in which you can use from one to four. If you are employed then select ITR-1.

Step 7 – Then proceed and submit the required details given in Form-16 after matching.

Step 9 – At last, you will see a summary, which will contain all the details given by you.

Step 10 – Proceed for verification.

Step 11 – After that your ITR will be filed.

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