New Delhi, Aug. 30 -- The new tax regime has been the default regime from assessment year (AY) 2024-25. While taxpayers without business or professional income can switch between the old and new regimes every year, those with business or professional income face restrictions.

For taxpayers filing ITR-3 or ITR-4 with business or professional income, switching tax regimes is not a yearly choice. If they want to move from the new regime to the old regime, they must file Form 10-IEA. They can later use the form once more to return to the new regime.

But there is an important catch. Once they return to the new regime, they cannot switch back to the old regime as long as they continue to have business or professional income.

In other words, ...