Change of Tax Regime in case of Income from Business - Profession

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If you have income from a business and file ITR 3, you might notice the new tax regime is the default. To opt out and use the old regime, you may need to file Form 10-IEA. Importantly, you have a one-time opportunity to switch back to the old tax regime in future financial years if you choose the new one this year.

Swapnil

Swapnil (Querist)
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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. ?