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Option to choose between old & new tax regimes

07 December 2021

Dear Sirs, Whether medical professionals have the option to choose between the old and the new tax regimes every year or not. Please guide

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3 Replies

debora M (BUSINESS DEVELOPMENT MANAGER) (1697 Points)
Replied 07 December 2021

Individuals with business income will not be eligible to choose between the two regimes every year. Once they select a new tax regime, they have only once in a lifetime option for switching back to the old regime. Once they switch back to the old regime, they won't be able to choose a new regime anytime in future.

CHANDRASEKHARA RAO VALLALA (4 Points)
Replied 07 December 2021

Sirs, Thanks for reply. Individuals I.e. Doctors (opting for presumptive taxation scheme u/s 44ADA) are eligible to choose between the two regimes every year or not. It is professional income not business income. Please guide.