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Hardik Parikh |106 Answers |Ask -Follow

Tax, Mutual Fund Expert - Answered on Aug 08, 2023

Hardik Parikh is a chartered accountant with over 15 years of experience in taxation, accounting and finance.
He also holds an MBA degree from IIM-Indore.
Hardik, who began his career as an equity research analyst, founded his own advisory firm, Hardik Parikh Associates LLP, which provides a variety of financial services to clients.
He is committed to sharing his knowledge and helping others learn more about finance. He also speaks about valuation at different forums, such as study groups of the Western India Regional Council of Chartered Accountants.... more

Question by SUSHANTA on Jul 24, 2023Hindi

Money

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

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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