Can a person having income from fd opt for the new tax regime in the financial year 2023-24 and then switch back to the old regime in the financial year 2024-25.It may be noted that the person had been filing income tax returns based on the old regime in the previous financial years.
3 Replies
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 22 March 2024
The option is available one time (vice a versa).
Sreevidhya V
(405 Points)
Replied 23 March 2024
I think switching is restricted only to people with business income. others can opt back n vice versa every Financial year. others pls confirm
note that now default option is new regime
note that now default option is new regime
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 23 March 2024
Yes, Salaried employee can opt without limits.
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