Old vs New Regime: Do You Need to Change Your ITR Form?
No, you don't need a different ITR form. Both old and new regime are filed using the same form (ITR-1, ITR-2, etc.). The regime selection is made within the form.
How Regime Selection Works
When you fill out your ITR, there's a specific question asking which regime you want to opt for. In ITR-1 and ITR-2, this is in the personal information section. In ITR-3 and ITR-4, if you have business income, you select via Form 10-IE/10-IEA.
Default Regime
From FY 2023-24 onwards, the new regime is the DEFAULT. If you don't make any selection, you'll be taxed under the new regime. To use the old regime, you must actively opt in.
Switching Rules
| Taxpayer Type | Can Switch Every Year? | Mechanism |
|---|---|---|
| Salaried (no business income) | Yes | Select in ITR or revise return |
| Business income (opted for new) | Can opt out once | File Form 10-IEA |
| Business income (opted for old) | Can switch to new anytime | Default applies |
The key distinction: salaried employees have full flexibility to switch every year. Business taxpayers who opt out of the new regime get only one lifetime switch back.