Hello Everyone, Can an employee opt for new regime for FY 2023-24 and then switch back to old regime next year in FY 2024-25, is it possible?

In our company, some employees have done it and the finance team has accepted it.

Yes this is possible

Hey Rashida, It is quite easy & possible. The one point where you need to work on that at the time of changing the tax regime is whether he/she falls under the TDS bracket. If yes, please do the necessary process accordingly.

Okay, thanks for your inputs @Wristy @Sampurna @Harender Bisht

Yes...the selection is valid only for that financial year