Financial

Individual not having business income can opt for any regime year to year which is beneficial to them. But Individual having business income will have one time option to go under new regime by filing form-10IE, Once he come out of new regime scheme he cannot able to file again under new regime in any upcoming year

There are only limited deduction benefits such as 80CCD(2) , and you are not eligible to carry forward loss, you are not eligible to Interest on housing loan( if it is self occupied)