Important reminder for claiming tax benefits under the old tax regime:
Published
- The new tax regime is the default option for filing Income Tax Returns (ITRs) this year.
- To claim benefits under the old tax regime, which offers various deductions and exemptions, make sure you file your ITR by the due date of July 31st.
- Filing a belated ITR (between August 1 and December 31) will restrict you to the new tax regime, potentially leading to higher taxes due to missed deductions.
Avoid the last-minute rush and file your ITR by July 31st to maximize your tax savings!
