ITR filing: Miss it & you will be automatically moved to new tax regime

As the income tax filing deadline for FY 2023-24 approaches on July 31st, taxpayers must be aware of its significance. Missing this deadline means you will automatically fall under the new tax regime, losing the option to choose the old regime. Introduced in Budget 2020, the new regime offers lower tax rates but fewer deductions compared to the old regime, which allows deductions under sections like 80C and 80D. To opt for the old regime, individuals must file Form 10IEA before their ITR for ITR-3 or ITR-4, or select the old regime option directly in ITR-1 or ITR-2 forms.