If someone chooses the new tax regime and has business income for one FY, and then switches back to the old regime in the next FY while having business income, can they go back to the new regime if there is no business income in any subsequent FYs?
I think he can’t shuffle between Tax Regimes as returning to New Tax Regime for a non-salaried person is not allowed. If he has entirely shut down his business then he may come back but if he is trying to opt into new tax regime just because there is no business income is not allowed.
So, salary income is assumed as persistent through the years, business income here refers to intraday and f&o income so, it is not persistent and might not be earned in a FY.
So here by business do you mean stock trading? I thought its traditional shop business that why I gave opinion like that.
Better to stick to one stock regime only.