There are two primary income tax regimes: the new regime and the old regime. Under the old tax regime, taxpayers are eligible for various deductions, exemptions, and allowances prescribed under the Income Tax Act, 1961. The new tax regime offers lower tax rates but eliminates most deductions and exemptions.
The new regime is applicable by default when the admin processes payroll for April month without releasing IT declaration to the employees.
Looking for More Support?
Find answers and insights across our resources. Refer to our detailed Knowledge Base for in-depth articles, explore our practical video guides, and stay informed with our latest product updates.
Was this article helpful?
That’s Great!
Thank you for your feedback
Sorry! We couldn't be helpful
Thank you for your feedback
Feedback sent
We appreciate your effort and will try to fix the article