Which regime is applicable when admin processes payroll for April month without releasing IT declarations to employees?

Created by Product Content Team, Modified on Tue, 20 Feb at 10:52 AM by Product Content Team

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.

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