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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Income new and old scheme
Replies (6)
Quick Summary
Yes... You can compute Your salary income under new scheme...
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 ??
No... It's not possible.
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.
Thank you so much for the detailed explanation sir...
Yes. Salaried persons are eligible for new tax regime.
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