Taxpayers have the freedom to select either the New Tax regime or stick with the Old tax regime. For employees, the choice needs to be made at the beginning of the year and can be modified at the time of ITR filing. However, if you are engaged in business or profession, the option to switch to New Tax regime is avaialble only once in your lifetime. We recommend that you carefully evaluate your tax outgo under both regimes and then select the one which is most beneficial to you.