Switch between income tax regimes

Sivaraman A R (.) (1040 Points)

15 July 2023

Assessee having business income

FY 2022-23 - Going to file under Section 115BAC

For FY 2023-24 - Default regime is 115BAC. Can I opt for old regime in FY 2023-24?

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4 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177852 Points)
Replied 15 July 2023

Yes, Need to file form for change in regime.

Sivaraman A R (.) (1040 Points)
Replied 15 July 2023

Thanks for your reply. One more doubt.

If he opts old regime in FY 2023-24, can he file under 115BAC in FY 2024-25?

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177852 Points)
Replied 15 July 2023

As per present rules, unless you declare income under head PGBP, change of regime is allowed every year.

So, yes. Unless any new regulations declared in new budget, 2024.

sabyasachi mukherjee (27574 Points)
Replied 15 July 2023

You hv to apply thru a specific format.

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