Choosing new tax regime
This query is : Resolved
31 July 2024
A, having income from profession has chosen old tax regime for assessment year 2024-25. Can he switch over to new tax regime in future?
Can he exercise the option ONCE to go to New Tax regime in future?
Can he exercise the option ONCE to go to New Tax regime in future?
31 July 2024
He has already chosen to opt for old regime in AY 2024-25.
So, once he opt out of the old regime, he will not be able to choose old regime again.
So, once he opt out of the old regime, he will not be able to choose old regime again.
31 July 2024
He was always assessed under old regime including 2024-25 A Y . So in any of future yeas he can choose New tax regime but after that he can not come back to old tax regime. Is it not so?
31 July 2024
Actually, from AY 2024-25 new tax regime has been default regime, irrespective of earlier regime opted by an assessee.
As he opted out from new regime in AY 2024-25, he lost only chance available to opt for old regime in lifetime.
Now he can remain in old regime till he wishes to do so; but once he opts for new regime any time in future; he will not be able to choose old regime again. (unless when he doesn't have professional income to declare)
As he opted out from new regime in AY 2024-25, he lost only chance available to opt for old regime in lifetime.
Now he can remain in old regime till he wishes to do so; but once he opts for new regime any time in future; he will not be able to choose old regime again. (unless when he doesn't have professional income to declare)
31 July 2024
Thank you, Sir for clarification.
31 July 2024
You are welcome.
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