Can we change Tax REGIME in the mid of the Financial Year?

sagarg · January 29, 2021, 6:33am

Employees can change Tax REGIM in the mid of the Financial Year? Is it allowed in Income Tax rules ?

Ankit · January 27, 2021, 10:44am

No, you cannot change in middle of Financial Year.

sagarg · February 1, 2021, 11:31am

What if employee have selected mistakenly and then he wants to change it can we do the same with ITR filing process ?

Abhi9959 · February 3, 2021, 11:18am

An employee will have the option to switch the tax regime at the time of filing tax return

Dinesh · February 4, 2021, 2:26am

Agree with @Abhi9959

Once the choice of tax regime has been communicated to the employer , the employee cannot change the choice of tax regime during the financial year. However, an employee will have the option to switch the tax regime at the time of filing tax return (ITR)

sagarg · February 4, 2021, 2:43am

One scenario to discuss -If employee joins in mid year and earlier in his organization he have selected old regime so in new organization he needs to follow same regime in new company ?