New Tax Regime Update: Do this from the beginning of the financial year.. otherwise the salary will be cut every month.. | Do this at the beginning of the financial year, otherwise the salary will be deducted every month

The government has made some changes regarding the new tax system. The government wants more people to adopt this approach. Understanding change in such a situation is very important.

The government is constantly taking steps to make the new tax system attractive. In this episode, the new tax system is defaulted. This change will affect salaried taxpayers. Such taxpayers may find the existing tax system costly to delay in choosing their preferred option from the two options. Let’s know how to prevent it.

Department accepts silence as yes. First of all, let us tell you what defaulting on the new tax system means… that is, if you do not tell your employer about the tax system you have chosen, you will have the option of a new tax system. It decides itself. Simply put, if you are a salaried person, the income tax department will accept your silence as a yes for the new tax regime.

Further TDS can be reduced by:

In fact, the Central Board of Direct Taxes (CBDT) has asked employers to ask employees whether they want to continue under the new or old tax system. Tax on salary is calculated as per tax system. Owner must pay tax at source. Deduction means TDS is deducted. You already know that from the financial year 2023-24 i.e. assessment year 2024-25, the new tax regime has been made the default option. In such a situation, TDS will be deducted from your salary as per the new tax regime, unless you choose the option as per your calculation.

This is the last chance for taxpayers to:

A good thing here is that the government has also given a second chance to the tax payers. If the old system is beneficial to you..unless you opt for your preferred tax system at the beginning of the financial year, in which case TDS will be deducted more from your salary. When you start filing your income tax return, you will have the option to select the preferred option again. If the TDS deducted is more than your tax liability, you can claim its refund. However, remember here that there is no option to change the option after filing ITR.

More Business News for

Check out the latest news highlights

Leave a Comment