Yes, it is from the next FY (i.e., FY 2023-24/AY 2024-25) onwards.
Yes Iâm taking about next year.
I wonât be taxable as per new regime and be eligible for full refund of âš60,000 as per new regime.
Right?
If youâre talking about FY 2023-24 considering your total taxable income (there are no other incomes and deductions) is âš6,00,000 from IFOS, which is taxable at the slab rate, your tax liability will be âš15,600.
The bank has deducted a TDS of âš60,000 (10% of âš6,00,000). Then you will receive a refund of âš44,400.
This difference is due to the change in the tax slab rates.
Hope this helps.
Isnât âš7,00,000 income barred from any tax from next year!
Yes, youâre right.
With income up to âš7,00,000, 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 donât 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 ; wonât 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.
thatâs 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 canât 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
Employerâs 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?