Change of Tax Regime in case of Income from Business - Profession
This query is : Resolved
Quick Summary
19 May 2024
I am having Income from Business & so i am filing ITR 3 for FY 2023-24
My Tax Liability under both Old and New Regime is Nil
But ITR form is showing New Tax Regime as default regime. For Opting out of new regime, i have to file form 10-IEA ?
In all earlier years i have filed return under Old regime.
If I file return for FY 2023-24 under New regime , Can i Switch to Old Tax Regime in future Financial Years. ?
My Tax Liability under both Old and New Regime is Nil
But ITR form is showing New Tax Regime as default regime. For Opting out of new regime, i have to file form 10-IEA ?
In all earlier years i have filed return under Old regime.
If I file return for FY 2023-24 under New regime , Can i Switch to Old Tax Regime in future Financial Years. ?
Dhirajlal Rambhia
(Expert)
19 May 2024
Yes, you will get chance to opt in 'Old regime' one time.
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Dhirajlal Rambhia
(Expert)
09 September 2024
Good Luck.
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