Old And New Tax System Selection It is necessary to be careful while choosing the new or old tax system. Under the income tax rules, some taxpayers will be given an opportunity to choose the tax regime only once.
Tax Slab 2023: In Budget 2023, Finance Minister Nirmala Sitharaman had offered a new tax regime , in which changes were made in the tax slab to give more benefits to the taxpayers.
Another rule was changed under the new system, in which this system was implemented by default. That is, now taxpayers will have to apply to come in the old tax regime . At the same time, if they do not do so, then the new tax system will be implemented automatically.
In such a situation, the question arises that how many times a taxpayer can change his tax system? For information, let us tell you that under the Income Tax Act, some donors get the facility to change it more than once, while some donors can choose the new or old tax regime ( New And Old Tax Regime 2023 ) only once in their lifetime. Can So let’s know about these rules.
These people get a chance to change
Under the Income Tax Act, salaried taxpayers get a chance to choose the tax regime several times. However, only one arrangement can be opted for in a financial year and has to be maintained till the end of the year. In such a situation, if a salaried person remains in the old system in this financial year, then in the next financial year, if he wants, he can go to the new system.
Employees will have to tell interest
Based on the information issued by the Income Tax Department, companies cannot choose new or old system for their employees on their own free will. For this, they need to know the opinion of the employees. If you work in a company, it is likely that your employer has also asked you to provide tax election information via text or mail.
They are getting only one chance
If you are a non-salaried person, you will be given only one chance to choose the tax regime. That is, those taxpayers, whose income is from business (Income From Business) or Income From Profession (Income From Profession), they will have to choose the new or old system in one go.
