The time to file IT returns is starting. Taxpayers will get to see a big change.
Let us tell you that from the financial year 2023-24, the new tax regime has been made the default tax regime.
However, salaried professionals still have the opportunity to choose either the New or Old Tax regime.
In the budget 2023, the decision was taken by the government to make the New Tax regime the default tax regime.
Salaried taxpayers need to choose their tax regime as their tax will be calculated under that tax regime.
Now all taxpayers will get a new tax regime by default, now they have to tell while filing that they will fill in the old one.
Salaried professionals have time till April to inform the employer about their choice of the tax regime.
Let us tell you that salaried taxpayers have to choose their tax regime every financial year.
In India, companies start asking for investment declarations from employees in March or April.
Tax filing starts in the last week of April or from the beginning of May. So you have only a few days left.