I sumitted my income tax return for AY 2022-23 (FY 2021-22) under new revised system. For AY 2023-24 (FY 2022-23), can I switch over to old system for submission of income tax return, wherein deductions are allowed e.g., payment of interest on housing loan availed from bank.

Ans: Hi Sushanta,

Certainly, I can help you with your query regarding the income tax return systems for AY 2023-24 (FY 2022-23).

Yes, you can switch back to the old system for the submission of your income tax return for AY 2023-24 (FY 2022-23), even if you have filed under the new revised system for AY 2022-23 (FY 2021-22). The option to choose between the old and new tax regimes is available to individual taxpayers, and you can make this choice every year as per your convenience.

Under the old system, you can avail of various deductions, including the payment of interest on housing loans availed from a bank, as you mentioned.

Regarding the NRI deductees for rent, the standard TDS rate on rent paid to an NRI is 30% under section 195 of the IT Act. However, it's always advisable to consult with a tax professional or refer to the Income Tax Department's official guidelines for the most accurate and up-to-date information.

I hope this answers your question.

Best,
Hardik