Income from salary plus business both - IT Regime option

Individual has salary and business income both:

TDS deduction on salary was as per new regime.

In last year he was under old regime and want to continue in old regime in current year.

Never changed the regime  in lifetime, old regime till date and want to continue old regime.

Will there be any problem? As TDS was deducted on salary as per new regime.

 

Replies (2)
Quick Summary
This discussion addresses an individual with both salary and business income who had TDS deducted under the new tax regime but wishes to remain in the old regime. While the choice of regime is personal, potential issues include a tax shortfall if the old regime results in higher tax liability, requiring payment with interest when filing returns. It's advisable to pay advance tax to minimise interest costs.

The choice droends on the assesse . read provisions of sec 115BAC
The only problem that I anticipate is that if the tax under old regime is on the higher side, then there might be tax shortfall which would be required to be paid at the time of filing of income tax return along with interest.

Advisable to pay advance tax to minimise interest cost

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