Query on Tax regime
This query is : Resolved
Quick Summary
26 July 2021
Dear Expert,
I had submitted all documents to claim deduction u/s 80C to my employer and my employer has deducted TDS as per old Tax Regime.
But, now I calculated my Tax as per New Tax Regime, where I have lesser tax liability in comparison of old Tax Regime. I have income from business and profession u/s 44AD also.
Please guide, can i file ITR as per New Tax Regime ?
I had submitted all documents to claim deduction u/s 80C to my employer and my employer has deducted TDS as per old Tax Regime.
But, now I calculated my Tax as per New Tax Regime, where I have lesser tax liability in comparison of old Tax Regime. I have income from business and profession u/s 44AD also.
Please guide, can i file ITR as per New Tax Regime ?
26 July 2021
Yes, you can file ITR as per new tax regime.
27 July 2021
Yes, you may opt for new regime. But since you have professional income, after opting in (at present), once you opt out (in subsequent years), you will not be able to opt in subsequently till you don't have any more professional/business income.
27 July 2021
You will not be able to opt in subsequently till you don't have any more professional/business income.
Please give me any such clause in the Act/ Rules.
Please give me any such clause in the Act/ Rules.
27 July 2021
@CA R Seetharaman
Is the above reply addressed to me?
Is the above reply addressed to me?
27 July 2021
Yes, to you only.........
27 July 2021
Refer proviso to section 115BAC(5)
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