Opting the tax regime

Sreevidhya V (356 Points)

18 May 2024  
dear all,
I have a doubt regarding the tax regime selection. from fy 23-24 default regime is new regime. so a person with business income in this year, if he wants to continue filing under old regime as done in previous years, has to file form 10IEA. is this understanding correct? and also he can return back to new regime only once, after this opting out??