New regime for professionals

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Freelancer
39 Points Posted on 23 July 2021

I am looking for more clarification regarding the new tax regime for professionals, every article says salaried can opt-in and out every year and businesses can switch back only once after opting for the new regime but there is no clarification when it comes to professional income.

I filled my ITR-4 last year in the old regime and am now thinking to opt for a new regime as I don't have any deductions other than savings interest, but it asks for Form 10(E), which is not applicable in my case as it is only for salaried people. Please guide!

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On 23 July 2021 at 15:35 Report
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Quick Summary
This discussion seeks clarification on the new tax regime for individuals with professional income. Unlike salaried employees who can switch annually, professionals seem to have a one-time option to opt for the new regime. There's confusion regarding the applicability of forms like 10(E) and 10IE for professional income, with initial information suggesting they might not be applicable.

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150 Points Posted on 23 July 2021
In my opinion it is not available to individual having income other than salary income.
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On 23 July 2021 at 17:52
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2478 Points Posted on 23 July 2021
For profits from business and profession only once ....& it must be form 10 IE..,just check 10 IE
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On 23 July 2021 at 18:41
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Chartered Accountant
86505 Points Posted on 24 July 2021
Professional Income is part of income from business & profession ..... so you can opt only once for new regime.
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On 24 July 2021 at 00:59
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Freelancer
39 Points Posted on 25 July 2021

Thank you for replying, I just checked Form-10IE and it is listed under "Persons not dependent on any Source of Income(Source of Income not relevant)" and is not available for Business or Professional income, please check the screenshot here https://prnt.sc/1fq8krl

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On 25 July 2021 at 20:03
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Freelancer
39 Points Posted on 23 August 2021

Any update on this for a person with professional income only"?

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On 23 August 2021 at 12:36

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