poly ghosh 22 November 2021
Rama chary Rachakonda (Secunderabad/Highcourt practice watsapp no.9989324294 ) 23 November 2021
The new income tax regime is beneficial for people who make low investments. As the new regime offers seven lower income tax slabs, anyone paying taxes without claiming tax deductions can benefit from paying a lower rate of tax under the new tax regime.
Dr. MPS RAMANI Ph.D.[Tech.] (Scientist/Engineer) 23 November 2021
This is not answer to the question of Mr. Poly Ghosh. I am also eager to find the answer. It appears to me that one can oscillate between the two regimes year after year. There is nothing in the law against it. The new electronic return form asks this question in the very beginning.
Anaita Vas 23 November 2021
Budget 2020 has given taxpayers the option to continue with existing income tax slabs, rates, and exemptions or opt for the proposed new tax regime with lower tax rates by forgoing 70 tax exemptions and deductions.
The answer to this question is, yes you can pick and choose between the two tax regimes every financial year as per your convenience and income for that year.
The Budget Memorandum says, "The option shall be exercised for every previous year where the individual or the HUF has no business income, and in other cases, the option once exercised for a previous year shall be valid for that previous year and all subsequent years."
Refer to article - "Can you choose between existing income tax regime and new optional regime every year?" on The Economic Times' website to read more about your query.
GANDHI MOHAN BHARATI (Pensioner) 23 November 2021
So far as one does not have Business Income, he can keep changing. I really wonder why they have made it once opted as final in cases having Business Income. I believe that as the dictum goes "Law must be Complicted"