Employees can switch I-T regime in same year

Employees can switch I-T regime in same year

 

NEW DELHI: Salaried persons can select both of the two revenue tax regimes at the time of filing their returns irrespective of the choice they have supplied to the employer at the commencing of the financial year, a senior government formal stated.

The spending plan for the subsequent fiscal has proposed to include a new tax regime to the present just one.

From April, taxpayers will have the alternative to pick out the proposed decreased tax fees with no exemptions, or the existing regime that permits for deductions and exemptions.

Employees can swap if they truly feel they had paid extra tax beneath the regime that they had indicated to the employer at the commencing of the monetary calendar year to deduct tax at resource, the formal claimed.

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