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of <h1>Taxpayers with Business Income Restricted in Switching Between Old and New Tax Regimes; Section 139(1) Applies</h1> Individuals, Hindu Undivided Families (HUFs), Associations of Persons (AOPs), Bodies of Individuals (BOIs), or Artificial Juridical Persons with business or professional income cannot switch between the old and new tax regimes annually. Once they opt out of the new regime, they can switch back only once, after which they cannot return to the old regime. However, individuals with non-business income can switch between regimes each year. The choice for the old tax regime must be made before the due date for filing returns under section 139(1) of the Income Tax Act.
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