Switching to old tax regime after filing ITR 3

Income Tax ITR Filing
1

In FY 2021-22, I filed ITR 3 and also opted in for new tax regime by filing form 10 IE.
Now, in FY 2022-23, I’m filing ITR 2 and want to go with old regime

  1. Do I need to file form 10IE again for opting out of new regime ?
  2. Can I switch back to new regime in next FY If I file ITR 2 ? What will be the case if I file ITR 3 in next FY ?
2

Hi @Prabhav_Agarwal

If you had opted for the new regime in FY 2021-22 and had filed ITR 3, ie, having a business income, then you have the option to switch back to the old regime only once in a lifetime.

This means, yes you can switch to the old regime in FY 2022-23 by filing form 10IE no matter whether you file ITR 2 or ITR 3, but next year onwards you will not be able to switch regimes.

Hope this helps.