Income new and old scheme

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143 Points Posted on 19 July 2020
Hello Experts,

Can i change my salary tax scheme new and old every year based on my tax payable...?

Thank you
Vijith T K
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On 19 July 2020 at 12:28 Report
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Quick Summary
This discussion clarifies whether individuals can switch between the new and old income tax schemes annually. For salaried individuals and pensioners without business income, it is indeed possible to choose between the new and old tax regimes each financial year, offering flexibility in tax planning.

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"Do the Right Thing...!!!"
128157 Points Posted on 19 July 2020
Yes... You can compute Your salary income under new scheme...
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On 19 July 2020 at 14:22
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143 Points Posted on 19 July 2020
Can i change the same every year. say example FY 2020 2021 I am availing new scheme.. in 2021 2022 I want to go back again old scheme.. is that possible ??
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On 19 July 2020 at 14:27
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"Do the Right Thing...!!!"
128157 Points Posted on 19 July 2020
No... It's not possible.
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On 19 July 2020 at 14:28
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Practice
3235 Points Posted on 19 July 2020
According to the explanatory memorandum to the Finance Bill, taxpayers having business income are not eligible to choose between the existing tax regime and new tax regime every year. This would mean that salaried individuals and pensioners would be eligible to switch between new tax regime and old tax regime as per their convenience every year provided they don't have business income.
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On 19 July 2020 at 14:37
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143 Points Posted on 19 July 2020
Thank you so much for the detailed explanation sir...
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On 19 July 2020 at 14:43
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155 Points Posted on 19 July 2020
Yes. Salaried persons are eligible for new tax regime.
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On 19 July 2020 at 19:44

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