New tax regime applicability


This query is : Resolved 

Quick Summary
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).

(Querist)
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

RAJA P M (Expert)
11 March 2024 What about his previous ITR...???!

ntc pioneer (Querist)
11 March 2024 Old regime in the previous ITR

05 May 2024 Yes, eligible, till there is no income under head PGBP.

09 September 2024 Good Luck.


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