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 ?

AI Summary

Switching Tax Regimes: Can Business Income Earners Revert to Old Regime After Choosing New for 2024-2025? An individual with business income asked if they could switch from the old tax regime to the new one for the assessment year 2024-2025 and then revert to the old regime in subsequent years. A respondent advised that once an individual opts for the new tax regime, reverting to the old regime may not be possible, suggesting the need for reference to specific rules or notifications to confirm this position.