Not everyone can switch tax regimes every year. Here’s a look at who can switch and what should be the criteria for changing the tax regime.
Not everyone can switch tax regimes every year. Here’s a look at who can switch and what should be the criteria for changing the tax regime.
Salaried employees or individual taxpayers can switch between old and new tax regimes on a year-on-year basis.
Salaried employees or individual taxpayers can switch between old and new tax regimes on a year-on-year basis.
To be eligible for changing tax regime every year, salaried individuals should not have any income from business and profession.
To be eligible for changing tax regime every year, salaried individuals should not have any income from business and profession.
Individuals having income from business or profession can switch to old tax regime from the default new tax Regime.
Individuals having income from business or profession can switch to old tax regime from the default new tax Regime.
However, individuals having income from business or profession can can go back to the new regime only only if they have already switched to the old regime once.
However, individuals having income from business or profession can can go back to the new regime only only if they have already switched to the old regime once.
Salaried employees are required intimate their employers about the choice of their tax regime in April 2023.
Salaried employees are required intimate their employers about the choice of their tax regime in April 2023.
The selection of tax regime should be based on how much tax a particular regime can help you save.
The selection of tax regime should be based on how much tax a particular regime can help you save.
Experts say that suitablity of a tax regime for a taxpayer depends on how much tax-saving investment s/he is doing.
Experts say that suitablity of a tax regime for a taxpayer depends on how much tax-saving investment s/he is doing.