Opting in and out of old regime
This query is : Resolved
19 July 2024
hello
few of our clients are willing to opt old tax regime by filing form 10IE. they are having business income.
my question is whether they will get ONE TIME option in future to exit old regime and opt for NEW regime ?
or once old regime is opted in FY 23-24, option to choose NEW RIGIME is lost forever ?
Please guide
few of our clients are willing to opt old tax regime by filing form 10IE. they are having business income.
my question is whether they will get ONE TIME option in future to exit old regime and opt for NEW regime ?
or once old regime is opted in FY 23-24, option to choose NEW RIGIME is lost forever ?
Please guide
19 July 2024
They will get one time option to opt out from old regime. At the same time they will be barred from opting old regime for ever.
19 July 2024
Hello sir
thanks for reply. Few of videos and sites claiming that once old regime is opted now, they cannot switch to new regime in future. they will be lifetime stuck in old regime. that why clarification is needed. so if i am opting old regime now, i will be allowed once to opt out old and switch to new ?
thanks for reply. Few of videos and sites claiming that once old regime is opted now, they cannot switch to new regime in future. they will be lifetime stuck in old regime. that why clarification is needed. so if i am opting old regime now, i will be allowed once to opt out old and switch to new ?
19 July 2024
Yes, don't rely on unauthentic media files. Check FAQ of IT department. As below::
11) I am filing ITR in new regime for AY 2024-25. Can I switch between old and new tax regime in the next years?
An Individual, HUF, AOP (not being co-operative societies), BOI or Artificial Juridical Person with business or professional income will not be eligible to choose between the two regimes every year. Once they opt out of new tax regime, they have only one chance for switching to new regime. Once they switch back to the new regime, they won’t be able to choose old regime anytime in future. An individual with non business income can switch between the new and old tax regimes every year.
Within the same year, again it is emphasized that the choice of old tax regime can be made only before the due date of filing the return u/s 139(1) of I T Act.
Refer::: https://www.incometax.gov.in/iec/foportal/sites/default/files/2024-07/New%20vs.%20Old%20Regime%20FAQs.pdf
11) I am filing ITR in new regime for AY 2024-25. Can I switch between old and new tax regime in the next years?
An Individual, HUF, AOP (not being co-operative societies), BOI or Artificial Juridical Person with business or professional income will not be eligible to choose between the two regimes every year. Once they opt out of new tax regime, they have only one chance for switching to new regime. Once they switch back to the new regime, they won’t be able to choose old regime anytime in future. An individual with non business income can switch between the new and old tax regimes every year.
Within the same year, again it is emphasized that the choice of old tax regime can be made only before the due date of filing the return u/s 139(1) of I T Act.
Refer::: https://www.incometax.gov.in/iec/foportal/sites/default/files/2024-07/New%20vs.%20Old%20Regime%20FAQs.pdf
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