NEW VS OLD TAX REGIME:

NEW VS OLD TAX REGIME HOW TO CHOOSE INCOME TAX REGIME FOR TDS ON SALARY FOR FY 2023-24

[{"selector":"#anim-3c1951c4-631d-47f6-bf24-d45e60ea90a4","keyframes":{"opacity":[0,1]},"delay":300,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] THE CHANGES IN THE INCOME TAX ACT, 1961, THAT WEE ANNOUNCED IN THE BUDGET 2023 HAVE CAME INTO EFFECT FROM APRIL 1,2023. SOME OF THESE MAKE THE NEW TAX REGIME MORE ATTRACTIVE THEN THE OLD REGIME.

[{"selector":"#anim-67951f85-5d81-403a-86c4-6fd139a138da","keyframes":{"opacity":[0,1]},"delay":250,"duration":2000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-8069b971-6c25-4bf8-9990-3f55b6db820d","keyframes":{"opacity":[0,1]},"delay":250,"duration":2000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] THE CENTRAL BOARD OF DIRECT TAXES (CBDT) HAS ISSUED A CIRCULAR ON APRIL 6,2023, CLARIFYING HOW EMPLOYERS CAN DEDUCT TDS ON THE SALARY PAYMENTS FOR THE CFY. ACCORDING TO THE CIRCULAR , AN EMPLOYEE CONTINUES TO HAVE THE OPTION OF CHOOSING BETWEEN THE OLD AND NEW TAX REGIME.

[{"selector":"#anim-f545afba-6fbf-4e38-877c-89c3d0379b81 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(9.909909909909908%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":4000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] IF THE EMPLOYEE DOES NOT INFORM THE EMPLOYER OF AN OPTION, TAX ON SALARY WILL BE DEDUCTED ON THE BASISOF THE NEW TAX REGIME. Floral Separator

NEW TAX REGIME IS DEFAULT AS SAID EARLIER, AN EMPLOYER WILL DEDUCT TAX ON YOUR SALARY ON THE BASIS OF THE NEW TAX REGIME IF YOU DO NOT INFORM THE COMPANY OF YOUR PREFERENCE.

A) STANDARD DEDUCTION OF 50000/- B) FOR EMPLOYERS CONTIBUTION TO NPS ACCOUNT.

Floral Separator IT ONLY ALLOWS THE FOLLOWING DEDUCTION IN THE CURRENT FINANCIAL YEAR LEARN MORE