Income Tax declarations
As the new financial year has commenced, all the employees who are liable for tax deduction shall submit the details of savings and eligible expenses. In this post, I would like to elaborate on such declarations to be made by the employees. Which type of tax regime should we choose? With the changes in laws, there are 2 types of tax regimes that an employee should opt out of them. The tax regimes are typically called OLD and NEW regimes. Both provide for different exemptions and tax rates. An individual shall select the Old OR New tax regime based on his individual inputs. I have prepared a comparative sheet for the same and it can be accessed at the following link. Employee once opted for a particular scheme with the employer shall not be able to change it till the end of the financial year. However, an assessee can opt to change a particular tax regime at the time of filing the income tax return. https://drive.google.com/file/d/1oBF83gDzLJ_6Zn15czrFnWLcgwv4eqci/view?usp=sh...