Opting in and out of old regime

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Priyanka (Querist)
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19 July 2024 hello
few of our clients are willing to opt old tax regime by filing form 10IE. they are having business income.
my question is whether they will get ONE TIME option in future to exit old regime and opt for NEW regime ?
or once old regime is opted in FY 23-24, option to choose NEW RIGIME is lost forever ?
Please guide

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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19 July 2024 They will get one time option to opt out from old regime. At the same time they will be barred from opting old regime for ever.

Priyanka

Priyanka (Querist)
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19 July 2024 Hello sir
thanks for reply. Few of videos and sites claiming that once old regime is opted now, they cannot switch to new regime in future. they will be lifetime stuck in old regime. that why clarification is needed. so if i am opting old regime now, i will be allowed once to opt out old and switch to new ?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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19 July 2024 Yes, don't rely on unauthentic media files. Check FAQ of IT department. As below::

11) I am filing ITR in new regime for AY 2024-25. Can I switch between old and new tax regime in the next years?
An Individual, HUF, AOP (not being co-operative societies), BOI or Artificial Juridical Person with business or professional income will not be eligible to choose between the two regimes every year. Once they opt out of new tax regime, they have only one chance for switching to new regime. Once they switch back to the new regime, they won’t be able to choose old regime anytime in future. An individual with non business income can switch between the new and old tax regimes every year.
Within the same year, again it is emphasized that the choice of old tax regime can be made only before the due date of filing the return u/s 139(1) of I T Act.

Refer::: https://www.incometax.gov.in/iec/foportal/sites/default/files/2024-07/New%20vs.%20Old%20Regime%20FAQs.pdf

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