Income Tax News: Is It Possible to Change the Tax Regime? Everything You Need to Know

Income Tax News: Since Finance Minister Nirmala Sitharaman announced the new tax regime, several questions have been raised by the taxpayers including the new tax regime, TDS, and more. Let us talk about these concerns on a broader basis. 

New Tax Regime

The Central Board of Direct Taxes (CBDT) issued a circular related to the tax regime in April 2023, in which there was no information about shifting or changing the tax regime, which means, there is still no clarity on whether taxpayers can change the regime or not. According to experts, you can only change your tax regime if your company allows you the option to change it. Apart from this, another way to change your tax regime is when you are filing an income tax return or ITR, where you can select the tax regime.