Choose your Tax Regime right now!
Updated: May 2, 2020
CBDT clarifies employees to choose new regime right now for deduction of TDS
CBDT has clarified that employees will have to opt for the new regime right now and inform their employers about the same. Employers shall have to deduct TDS at the new rate if the employee opts for it.
Such option once exercised cannot be changed during the financial year. However, the option can be changed at the time of filing Income Tax Returns
This would mean that if an employee opts for the new tax regime then TDS on salary will be deducted as per the estimated total tax calculated as per the new lower tax rate regime instead of as per the estimated tax calculated as per old tax regime.
Confused whether to opt for the old regime or new regime? We are offering a free tax regime comparer for signing up on our website. Simply input your income and deductions and voila!
Feel free to reach out to us at support@thegalacticadvisors.com if you need any additional help.
