New Delhi, March 3 -- In India, taxpayers can choose between the old and new income tax regimes, each offering distinct benefits. However, this choice isn't permanent and can be revisited annually. Whether you are a salaried employee or running a business, understanding how often you can switch between tax regimes is crucial for maximising your tax savings. In the Union Budget 2023, the new tax regime was made the default regime.

"Taxpayers with business or professional income, including Individuals, HUFs, AOPs (excluding cooperative societies), BOIs, or Artificial Juridical Persons, cannot switch between tax regimes every year. If they opt out of the new tax regime, they have only one opportunity to switch back, and once they do, they c...