Yes, it is from the next FY (i.e., FY 2023-24/AY 2024-25) onwards.
Yes I’m taking about next year.
I won’t be taxable as per new regime and be eligible for full refund of ₹60,000 as per new regime.
Right?
If you’re talking about FY 2023-24 considering your total taxable income (there are no other incomes and deductions) is ₹6,00,000 from IFOS, which is taxable at the slab rate, your tax liability will be ₹15,600.
The bank has deducted a TDS of ₹60,000 (10% of ₹6,00,000). Then you will receive a refund of ₹44,400.
This difference is due to the change in the tax slab rates.
Hope this helps.
Isn’t ₹7,00,000 income barred from any tax from next year!
Yes, you’re right.
With income up to ₹7,00,000, no tax is payable as the rebate u/s 87A has been increased to 25,000 under the new tax regime.
Under business ITR 3 ; once i chose from old tax regime to new tax regime to old tax regime ; i can no longer then choose new tax regime for the lifetime !
But ; what if i choose ITR 2 OR 4 in later on ?
Then . In this case will i be able to choose the new tax regime then ?
Hi @HIREiN
No, you will not be able to choose the new regime again in that case.
Is there any remedy if i want to choose the new tax regime ?
Hi @HIREiN
I don’t think so. It is so as per the law you can switch only once in a lifetime if you have income from business & profession.
yes . i know . it is for income from business & profession. i.e. ITR3 . right ?
but , what if ; later on ; if i switch myself from ITR 3 to ITR 1 or 2 or other ?
then . in that case ; won’t i be able to switch to the new tax regime ?
Hi @HIREiN
Yes, for ITR 3 only.
For ITR 1 & 2 you can switch regimes every year.
that’s what i asked :
if in ITR3 i had done switching between the old and new regimes .
so , now as per the law ; in ITR3 ; i can’t opt for the new regime !
BUT , i can opt the new regime if i move to ITR 1 or 2 or other ; except the 3 !
am i right ?
Yes, you are right @HIREiN.
Type of Income: Professional income.
We used the new regime u/s 115 BAC for AY 2021-22. Filled up form 10IE.
As we can opt out once, we filled up form 10 IE for opting out for AY 2022-23. So we opted for old regime for AY 2022-23 and AY 2023-24. We hoped to continue filing with old regime while claiming deductions, and also the fact that we are allowed to change the regime only once if we have professional/business income.
Now Govt updated the slabs in the recent budget and the new slabs(with less tax without deductions) look like a lucrative option. Can we opt for this new scheme for AY 2024-25 onwards?
Hi @tarun
The ITD is yet to give a clarification on this.
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Would you please update this thread if you get any news about clarification on this? Thank you! 
Sure @tarun, shall do so.
Is NPS contribution by the employer still deductible under the New regimen? Both NPS Tier 1 and Tier 2 are eligible ?
Hi @RaahulR
Employer’s contribution towards NPS Tier-I is eligible for tax deduction under Section 80CCD (2) of the Income Tax Act (14% of salary for central government employees and 10% for others) under the new regime. There is no tax benefit on investment toward a Tier II NPS Account.
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Hi @Shrutika_Shah,
Type of Income: Professional income.
We used the new regime u/s 115 BAC for AY 2021-22. Filled up form 10IE.
As we can opt out once, we filled up form 10 IE for opting out for AY 2022-23. So we opted for old regime for AY 2022-23 and AY 2023-24. We hoped to continue filing with old regime while claiming deductions, and also the fact that we are allowed to change the regime only once if we have professional/business income.
Now Govt updated the slabs in the recent budget and the new slabs(with less tax without deductions) look like a lucrative option. Can we opt for this new scheme for AY 2024-25 onwards?
Do we have any clarification on the above yet?