Live Course on Drafting of Appeal and Reply of Penalty Notice by CA Sachin Sinha. Register Now!!

Switching between new and old tax regime

anonymous (proprietor) (237 Points)

28 February 2023

I have earned interest from partnership firm under income from business and profession. I had opted for new tax regime last year. Do I have the option to switch between new and old tax regime every year?

Reply
Follow
Share

4 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160579 Points)
Replied 28 February 2023

Though not clarified anywhere, but I think you should be eligible to switch between both regimes.

Tanvi Sharda (51 Points)
Replied 28 February 2023

Now onwards new tax regime will be default tax regime. But there is option to select old tax regime. person having salary income can switch from old to new or vice versa every year. However assessee having business income can switch only once.

Assessee having business or profession income, after opting for regular tax regime will have an option to move out only once.