The old and new tax regimes refer to different methods of calculating income tax liabilities for individuals.
It is important for individuals to understand the provisions of both the old and new tax regimes and evaluate which regime is more advantageous for their specific financial situation.
If the employee does not submit an IT declaration after the admin releases the IT declaration, the new regime is applicable by default.
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Related Links:
Video- To watch a video on Budget changes for FY 2023-24, click here.
FAQs: To read more about Budget changes for FY 2023-24, click here.
Documentation:
- To learn more about the recent Budget changes for FY 2023-24, click here.
- To learn more about the Tax Slabs of budget changes, click here.
Product Update- To read about the product update, click here.
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