Is it possible to save files in lower versions format from higher version software?

yes we can save files in lower versions formats from higher version software all we need to do is to use "Save as" option in that software.

I got a tutorial for you to convert a higher version file to lower version. Suppose you are using V5R21, you can save it as a V5R20-V5R6.

1. Step 1

   Click on Tools->Utility

   

2. Step 2

   Double click on "downward compatibility"

   

3. Step 3

   Click "member"- select the file to convert

   

4. Step 4

   At the top select the version to which you want to convert the file- set the target folder- click "run"

   

Yes but some of the components of the higher version of file will not be saved as it is. For the features that are present in the latter version is not in the lower version of the softwares' features.

Yes it is possible to save to lower format

yes, I can do it; by going to "Save as".

Yes you can save the files in lowers version of native formats. For this you need to open the software in new version / created version and select FILE --> SAVE AS to view the list of version that you can save the file.

Yes it is very much possible, in fact always doing this process when ever I am uploading a file, from the higher format changing it to lower version format of file example if you have a PNG or PSD file you which is usally a big file, you can convert it into smaller file of JPEG without comprimising much of the quality of your image.

YES WE CAN DO THAT BUT IN CERTAIN CASES 

Several splendid answers by Great Professionals have already been given; nothing to add. Thanks 

yes it is possible, we just have to use save as option in that software

Yes you can save the files select FILE --> SAVE AS to view the list of version that you can save the file.