Explanation
From FY 2024-25, the new tax regime is the DEFAULT for all taxpayers. Salaried individuals (no PGBP income) can opt out each year by simply choosing 'Old Regime' when filing the ITR — no Form 10-IEA needed. For individuals/HUFs with PGBP income: must file Form 10-IEA before the ITR due date to opt for the old regime. Once filed, they are in the old regime and can only switch back to the new regime ONCE in their lifetime. If Form 10-IEA is missed: the new regime applies by default for that year. Key deductions available only in the old regime: 80C, 80D, HRA (§10(13A)/§13), §24(b) self-occupied home loan interest, LTA. Verify on the income-tax portal before filing.