I work as a consultant and file returns using section 44ADA. Am I allowed to switch between new and old tax regimes depending on my income?
Under Income Tax law, individual taxpayers with business income are not allowed to select between the old tax regime and the new tax regime each year. Individual taxpayers with business income can opt for the new income tax regime. However, once they have opted in, they can exit once and return to the old tax regime. Further, once opted out they will not be able to choose the new income tax regime for future fiscal years.
The author is Partner, Deloitte India
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