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New regime for professionals

ITR Filing 297 views 5 replies

Neeraj

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!

Replies (5)

Anoushka Paliwal

150 Points Posted on 23 July 2021

In my opinion it is not available to individual having income other than salary income.

Mahesh Shah

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

CA Rashmi Gandhi

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.

Neeraj

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