Employees did not submit their investment declarations in previous financial year, and old regime was enabled by default. What will happen when payroll is processed in April for FY 2023-24?

Created by Product Content Team, Modified on Tue, 20 Feb at 10:53 AM by Product Content Team

An employee IT declaration is a document that employees are required to fill out and submit to their employer for income tax purposes.

If the employee does not submit an IT declaration, and the old regime is enabled by default, the new regime will be applicable by default after processing the payroll in April for the FY 2023-24 without releasing an IT declaration.

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