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Income from salary plus business both - IT Regime option

Others 260 views 2 replies

Individual has salary and business income both:

TDS deduction on salary was as per new regime.

In last year he was under old regime and want to continue in old regime in current year.

Never changed the regime  in lifetime, old regime till date and want to continue old regime.

Will there be any problem? As TDS was deducted on salary as per new regime.

 

Replies (2)
The choice droends on the assesse . read provisions of sec 115BAC
The only problem that I anticipate is that if the tax under old regime is on the higher side, then there might be tax shortfall which would be required to be paid at the time of filing of income tax return along with interest.

Advisable to pay advance tax to minimise interest cost


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