New tax regime for Salary
yashmitha (student) (81 Points)
15 May 2023
can new tax regime be opted for salary if I have business income from futures trading?
5 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(178124 Points)
Replied 15 May 2023
Individual (& HUF) can opt for new tax regime only for once. So, check if you had opted out from new tax regime earlier.
Though the rule applies only till AY 2023-24. From next AY new tax regime will be as default tax regime.
sabyasachi mukherjee
(27579 Points)
Replied 15 May 2023
Yes you can opt for new tax regime provided in the form submitted.In case of new tax regime an assesse cannot take benefit of deductions and exemption as opted in the old regime.
yashmitha
(student)
(81 Points)
Replied 15 May 2023
Thank you, if new tax regime is opted then would business income from futures trading be taxed on presumptive basis too?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(178124 Points)
Replied 15 May 2023
| Originally posted by : yashmitha | ||
 |
Thank you, if new tax regime is opted then would business income from futures trading be taxed on presumptive basis too? |  |
Yes, no restriction in new tax regime.
sabyasachi mukherjee
(27579 Points)
Replied 16 May 2023
Not on presumptive basis. It is under a different section.
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