The new regime will be applicable from FY 2020-21 i.e. for next year return and that's why you are not able to see it.
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How to select nex tax regime when filing ITR4
Hi, I am filing my income tax online. Using various online tax calculators I had calculated the total tax due using the new tax regime. If I use new tax regime I save up to 60,000. I had paid the self-assessment tax on my professional income by calculating the amount through the new tax regime. But now when online forms for filing income tax are available, I don't see any option to select the new tax regime. And the online form is automatically calculating the due tax using the old tax regime. Where is the option to choose the new tax regime? Thanks
Asked 5 years ago in Income Tax
Hi
The new tax regime is available from FY 20-21 onwards. There is no option for FY 19-20.
Dear Sir,
New tax regime is introduced in Finance Budget 2020 and it will be applicable from FY 2020-21. So when you will file the return for FY 2020-21 next year this option will be available.
Currently ITR Form 4 is available on income tax portal is for FY 2019-20 only.
Thanks and Regards
Divya Chugh
Hi,
New tax regime is applicable for FY20-21. Now we are submitting return For FY 19-20, for which we have only old system for calculation of Tax.
Dear Sir,
Hope you are doing well !!
The new tax regime is applicable from FY 2020-21 i.e you will find the option in next year return.
Hi
The new tax regime will be available from year 2020-21 onwards therefore you can't opt for 2019 -20.
Hello,
The new income tax regime is available from next year F.Y. 2020-21. Currently, you are filing the income tax return for F.Y. 2019-20.
I hope this answer satisfies your requirements.
Regards,
CA Hunny Badlani
New Tax Regime or Old Tax regime is applicable from FY 20-21. it means that from next year return 31 july 2021 you can process return under this scheme. But Fir FY 2019-20 FY there is no such scheme and you have to pay tax as per normal schemen with benefit of Rebate U/S 87A Rs 12500 only.
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- New tax regime is applicable from A.Y. 2021-22 i.e. in next year ITR forms.
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