This discussion clarifies whether individuals with income from Fixed Deposits (FDs) can opt for the new tax regime this year. It confirms that eligibility for the new regime remains, provided there is no income under the Profit and Gains from Business or Profession (PGBP) head. The conversation also touches upon the possibility of switching back to the old tax regime in subsequent financial years and its implications for previous Income Tax Returns (ITRs).
11 March 2024
Can a person having income from fd opt ror the new tax regime in this year and then switch back to the old regime in the next financial year