My TDS was wrongly deducted in New Tax Regime: Can I change to old?:

My TDS was deducted in New Tax Regime: Can I change to old? The financial year 2024–25 and the assessment year 2025–2026 for the income tax filing season are currently underway. Individuals filing taxes are collecting their paperwork and checking their details regarding their Income. One of the Significant steps for salaried individuals is that they need to tell their company which tax option they want to use at the start of the financial year. This helps their employer take out the right amount of tax from the paycheck all year long. When the TDS is already deducted in advance, it makes filing the tax return much easier. Individuals who have a job just need to check their Form 16 to see how much TDS was deducted, then put that information in their tax return. What if Taxpayer Choose Incorrect Tax Regime? Although if someone picks the wrong tax regime, then their employer might deduct excess TDS from their salary. Usually employers do not give option to change tax regime in the middle of the financial year. But Individual can change their tax regime at time of filing ITR. New tax regime automatically chosen The old tax system allowed taxpayers to claim many deductions to lower their taxes. The new tax system has lower tax rates, but taxpayers can't claim most deductions. When picking between these two, they need to think about significant factors like your Income, deductions and tax exemptions. For the financial year 2024-25 and the assessment year 2025-26, the new tax regime is automatically chosen unless old tax regime is specially chosen. Workers can check their Form 16 and Form 26AS to see all the tax deducted and income details. Form 26AS is a yearly summary document. It shows all the TDS from salary, tax collected when they buy luxury goods or make foreign payment, advance tax payments etc.