OLD v/s NEW TAX REGIME

This discussion clarifies whether individuals can switch between the old and new tax regimes in India. If you have salary and other income (but no business income), you can choose your preferred tax regime directly in your Income Tax Return (ITR). Importantly, you have the flexibility to switch between the regimes each financial year. For the 2023-24 financial year, you can opt out of the new regime by selecting 'Yes' to the relevant option in ITR-1 or ITR-2 before the due date.