New Delhi, July 25 -- The new tax regime is now the default option for taxpayers, but salaried individuals can still choose between the old and new tax regimes every year based on which one helps them lower their tax liability.

The rules, however, are more restrictive for taxpayers with business or professional income. While they can opt to change their tax regime, they cannot do so as frequently as salaried individuals.

Taxpayers with business or professional income filing ITR-3, ITR-4 (under the presumptive taxation scheme), or ITR-5 can opt out of the default new tax regime and vice versa by filing Form 10-IEA.

However, unlike salaried taxpayers, this option can be exercised only once. This means if that if a taxpayer switches from ...