New Delhi, June 21 -- The new tax regime is now the default option for taxpayers, but salaried individuals can still choose between the old and new regimes every year based on which one helps them lower their tax liability.

The rules, however, are different for those earning income from a business and profession. The same applies to presumptive taxpayers, who face certain restrictions when it comes to switching between the two tax regimes.

The presumptive taxation scheme allows freelancers, professionals and small businesses to declare income as a fixed percentage of their turnover without requiring to maintain detailed books of accounts.

Governed under Sections 44AD and 44ADA of the Income-Tax Act, it ensures smoother filing of income...