Income Tax New Regime
May 10th, 2023 asked by Rahul
Sir, need advice on new tax regime of income tax. 1) Is new tax regime is a default regime. 2) can we change the tax regime every year 3) if in declaration given to employer, old regime is opt, can it be changed later.
By admin | May 10th, 2023
Expert Answer
By admin | May 10th, 2023
1) if no option is opted, new tax regime shall be default regime. 2) if having no income from business and profession, it can be changed every year. however in case of assessee having business income, it can be changed once in a lifetime. 3) even if declaration is given to employer, it can be changed on or before or at the time of filing of return, as applicable.