A reader says, “Thanks for the unbelievable new tax regime vs previous tax regime calculator for FY 2023-2024 (AY 2024-2025). It’s very easy and helpful. Presently, the brand new regime is helpful for me. Can I swap again to the previous tax regime if I want to purchase a home in future?”
The previous tax regime may properly be sundown in future. Final AY, we had a selection between the 2 regimes. The brand new tax regime is the default this AY. As per present guidelines, in the event you select the brand new tax regime, you possibly can swap to the previous regime anytime in case you are salaried with no enterprise revenue.
When you have a enterprise revenue, you possibly can swap again to the previous regime as soon as however then can not transfer to the brand new regime once more. Salaried individuals or HUF with no enterprise revenue (these submitting ITR1 and a pair of) can select between the previous and new regime (part 115BAC) yearly.
Others (with enterprise revenue) can select to be within the previous regime for so long as they need, however as soon as they shift to the brand new tax slab, they are going to be allowed to withdraw solely as soon as. In the event that they swap again to the previous regime from the brand new one, they can not return to the brand new one until their enterprise revenue is zero.
The brand new tax regime is a wonderful selection for all younger earners. There is no such thing as a want to purchase merchandise to “save tax”. That is how most individuals begin their funding journey and litter their portfolios. So we suggest avoiding that and choosing the brand new tax regime. Use an fairness index fund and EPF/NPS (100% debt) to begin with out worrying about saving tax and let the brand new tax regime decrease your tax burden naturally.
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