For A.yr. 2021-22, there is an option to choose between old and new tax regime while filing the income tax return. The due date for filing is 31st Dec.2021.
Herr is what you have to do for choosing the new tax regime -
If your income is any source other than business -
If you do not have business income and want to opt for new tax regime, you simply has to choose the option while filing the return itself. No other form or formalities needed. Also you can change the option next year and so on. There is no restrictions on that.
Fairly simple. Isn't it.
2. If your income is from business/profession -
If you are having business/profession income and wish to go for new tax regime, then you have to file form 10IE and exercise the option in the same. Also the option once exercised can be changed once only in next years.
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