Is it possible to switch between the old and new tax regimes?

Yes, according to the provisions of the Income Tax Act, 1961, taxpayers have the option to switch between the old and new tax regimes based on their preference and financial considerations.

For taxpayers with Income from Business or Profession, if someone chooses the new tax regime, they are allowed to withdraw from it only once. After this withdrawal, they are not permitted to switch back to the new regime at any point in their lifetime. This restriction, however, does not apply to individuals who do not have any income from business or profession. In such cases, they have the flexibility to switch between the old and new tax regimes every year.