Income Tax old vs new tax rate

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MANAGER
373 Points Posted on 26 October 2022

Can anyone choose new Tax regime for this Financial year 2021-22 and will go for old Tax regime for next Financial Year 2022-23 ?

 

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On 26 October 2022 at 17:24 Report
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Quick Summary
This discussion clarifies whether individuals can switch between the old and new income tax regimes for different financial years. Generally, you can opt in and out freely if you don't have business income. However, if you have income from a business or profession (PGBP), you cannot choose the new regime if you've previously opted out of it.

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SEO Sai Gr. Hosp.
212535 Points Posted on 26 October 2022
Yes, if he doesn't have any business income, he can opt in & out any number of times. But for individuals/HUF having income under head PGBP, it cannot choose new tax regime, once opted out of it.
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On 26 October 2022 at 23:04
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Profession
28271 Points Posted on 27 October 2022
Sec 115BAC WHAT ARE U TALKING ABOUT?
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On 27 October 2022 at 10:24

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