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New tax regime for Salary
can new tax regime be opted for salary if I have business income from futures trading?
Replies (5)
Quick Summary
Individual (& HUF) can opt for new tax regime only for once. So, check if you had opted out from new tax regime earlier.
Though the rule applies only till AY 2023-24. From next AY new tax regime will be as default tax regime.
Yes you can opt for new tax regime provided in the form submitted.In case of new tax regime an assesse cannot take benefit of deductions and exemption as opted in the old regime.
Thank you, if new tax regime is opted then would business income from futures trading be taxed on presumptive basis too?
| Originally posted by : yashmitha | ||
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Thank you, if new tax regime is opted then would business income from futures trading be taxed on presumptive basis too? |  |
Yes, no restriction in new tax regime.
Not on presumptive basis. It is under a different section.
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