In the final analysis, Zara, there is only one difference between "taste" and "flavor" (or "flavour" as those of us outside the U.S. spell it). "Taste" can be used metaphorically, as in: "She has great taste in clothing." "Flavor" does not have the same versatility. One cannot have great "flavor" in clothing, unless, of course, the clothing is woven with cotton candy.