Taxpayers need to choose tax regimes carefully

Starting from the financial year 2023-24, the new tax regime is the default for taxpayers. Those with non-business income can switch between the new and old regimes annually, while business taxpayers face restrictions on changing their choice. Salaried individuals can opt for the old tax regime before the ITR filing deadline of July 31, 2025. Business taxpayers can only switch back to the new regime once after choosing the old one. Taxpayers must submit Form 10-IEA to confirm their choice of the old tax regime. A revised return can be filed if the original was submitted on time, allowing for adjustments in tax regime selection.