Question regarding changing between old and new tax regime

[Guest]

In case an Individual having Business Income in his return every year opts for the old tax regime for A.Y. 2021-2022 , can he opt for the new tax regime in any subsequent year , for e.g. A.Y. 2024-2025 ?

In case this is possible & he opts for the new tax regime in A.Y. 2024-2025 , in any later year , can he go back to the old tax regime ? Or will he have to stick to the new tax regime for ever after A.Y. 2024-2025 ?

Can you substantiate your reply with reference to any rule , circular , notification , etc ?

[DR.MARIAPPAN GOVINDARAJAN]

In my view once you go to the new scheme there may not be any reversal to the old one.

AI Summary

Choice of tax regime: electing the new tax regime may prevent reverting to the old regime in later years. Whether a taxpayer with business income who initially chooses the old tax regime can opt for the new tax regime in a later year and thereafter revert to the old regime is questioned; the respondent's view is that electing the new tax regime likely precludes any subsequent reversal to the old regime, and the querent sought supporting rules or notifications.