Revert to old tax regime when switching from professional to salary income
9 months ago
I have professional income declared for FY 22-23. Opting for new tax regime is saving me significant amount of money for the current ITR.
However, in the current financial year (FY 23-24), I will not have professional income. I will just have salaried income.
Will I be able to choose old tax regime again next year (since I will have salaried income) if I choose the new tax regime for this year’s ITR?
A.Dear client,
Individuals with business income will not be eligible to choose between the two regimes every year. Once they select 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
Individuals with business income will not be eligible to choose between the two regimes every year. Once they select 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
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A.Dear Sir,
It is purely related to financial matter and it is better to approach any auditor or chartered accountant for effective advise.
It is purely related to financial matter and it is better to approach any auditor or chartered accountant for effective advise.
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