Q. New Tax Regime eligibility

Question

Facts: Assessee (an individual) has business income. For A.Y. 2021-22, he opted for the new tax regime u/s 115bac. In A.Y. 2022-23, he opted out of the new tax regime. In A.Y. 2023-24, he was ineligible to opt for the new tax regime because of opting out in the previous assessment year.

Issue:- Is he eligible for the new tax regime in A.Y. 2024-25?

Answer 1

Yes. Infact for AY 2024-25, the new regime is the default scheme. To avail old scheme, you need to opt.