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Opting for New tax regime

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anonymous

proprietor

143 Points Posted on 25 November 2021

As we all know that from AY 21-22, individuals and HUF have an option to choose between new and old tax regime. An individual having business income can only opt for the option of switching in the new regime once. I wanted to know if the individual can make the choice for the new regime in future AY and not in AY 21-22.

eg.

AY 21-22 Old regime

AY 22-23 Old regime

AY 23-24 Switch to new regime

Replies (2)

Quick Summary

From AY 21-22, individuals and HUFs can choose between the old and new tax regimes. If you have business income, you can only switch to the new regime once. This discussion clarifies whether you can defer your choice of the new regime to a future assessment year, even if you initially stick with the old one.