Employees submitted IT declarations by selecting old regime last year. In FY 2023-24, admin released IT declaration but employee did not submit the declaration. In this case, which regime is applicable?

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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