Will you have the option to choose your tax regime?

According to income tax rules, after the deadline for filing income tax returns has passed, taxpayers can only file their returns under the new tax regime. They don’t have the option to choose a tax regime of their choice between the two tax regimes.

Returns will be filed under the default regime.

Indeed, the government has now made the new tax regime the default option. The new tax regime has lower tax rates and no tax is payable on income up to ₹11 lakh. However, under the old tax regime, several deductions such as 80C, 80CCC, and 80CD(1) are available, which are not available in the new tax regime.

Interest will be charged along with a penalty.

It should be noted that filing a belated ITR (Belated ITR Filing 2025) could result in a penalty of up to ₹5,000. Furthermore, if a tax liability arises under Section 23A, a 1% interest will also be charged on the belated ITR every month. However, if the taxpayer has already paid the tax, no interest will be charged on filing a belated ITR.

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The post ITR Filing : Missed the ITR deadline? You can only file returns under this regime, learn the full details. first appeared on Rightsofemployees.com.