ordered the companies: - Rightsofemployees.com https://www.rightsofemployees.com Know Your Rights Wed, 19 Apr 2023 05:15:05 +0000 en-US hourly 1 https://wordpress.org/?v=7.0.4 https://www.rightsofemployees.com/wp-content/uploads/2018/01/cropped-emp1-32x32.png ordered the companies: - Rightsofemployees.com https://www.rightsofemployees.com 32 32 Income Tax Department ordered the companies: Have you received a mail to opt for new or old tax regime? Know which is better before choosing https://www.rightsofemployees.com/income-tax-department-ordered-the-companies-have-you-received-a-mail-to-opt-for-new-or-old-tax-regime-know-which-is-better-before-choosing/ Wed, 19 Apr 2023 05:15:05 +0000 https://www.rightsofemployees.com/?p=14522 The Income Tax Department has directed companies to ask their employees whether they would like to opt for the new or old tax regime. After this, deduct TDS from the salary. That’s why companies are asking employees by emailing them. If not replied to email If you do not respond to the e-mail, the new […]

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]]> The Income Tax Department has directed companies to ask their employees whether they would like to opt for the new or old tax regime. After this, deduct TDS from the salary. That’s why companies are asking employees by emailing them.

If not replied to email

If you do not respond to the e-mail, the new tax regime will automatically apply. Your tax liability will be decided accordingly.

Will the same tax regime always apply

No. If you opt for the new tax regime initially, you can switch to the old tax regime at the end of the financial year. You can choose any tax regime every year.

Which tax system is correct

If your annual salary is up to seven lakhs and do not invest in any savings, then you can adopt the new tax regime. There is no tax on additional marginal earning income of Rs 7 lakh and above. If you have invested in different savings schemes to get tax exemption, then you can choose the old tax regime.

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