Budget 2023 has made the new income tax regime as the default option for income taxpayers. Hence, unless an individual specifies that he/she is opting for the old income tax regime, then revised new income tax regime will be applicable
Now the question that many taxpayers will ask is: will the benefit of switching between old and new income tax regime continue?
Yes, an individual can switch between the new tax regime and the old tax regime in every financial year. However, the facility to switch between the new and old tax regimes is available only for those individuals having salaried income and does not have business income
