Old regime or new regime

This query is : Open

PRIYA (Querist)
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22 March 2024 I have income of Rs 2 lakhs as business income from intraday trading and Rs 15 lakhs from short term capital gains from share trading. Should I opt for old regime or new regime for the financial year 2023-24?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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23 March 2024 Opt for new regime...
...

PRIYA

PRIYA (Querist)
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23 March 2024 How will new regime be beneficial as I will not be able to claim any deduction

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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23 March 2024 Fill ITR under two regime and check which is beneficial.
In case of business switch over not allowed more than once.

PRIYA

PRIYA (Querist)
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23 March 2024 Using 80 c deduction I have to pay 22000 less tax in old regime. Is there any drawback to convert to old regime?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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23 March 2024 Only once allowed such conversion.

PRIYA

PRIYA (Querist)
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24 March 2024 I have income from intraday trading under business head.If I opt for old regime for the current financial year I.e 2023-24, will old regime continue to be my default tax regime for the next financial year 2024-25 or will it be changed back to new regime?
Can I change to new regime in future years?

RAJA P M

RAJA P M (Expert)
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24 March 2024 If You filed your previous ITR under old regime then You can continue the same in FY 23-24. No issues. Also if required then You can change the regime in FY 24-25.