Pending professional review. This content was drafted with Claude from official sources and has not yet been reviewed by an ArthaKara professional. Verify against the official sources before relying on it.
Yes. A taxpayer without business or professional income can choose the regime each year when filing the return within the due date.
Detailed explanation
The new regime is the default. Individuals without business income exercise the choice in the return of income. Those with business or professional income must file the prescribed form to opt out and can generally switch back to the old regime only once.
Applicability
Individuals and HUFs
Exceptions
Different rules apply where there is business or professional income.
Legal references
Section 115BAC(6), Income-tax Act, 1961
Applicable period
FY 2023-24 onwards
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