![]() However at the time of filing Returns he can again chose one more time. The declaration made by the employee cannot be changed. Upon such intimation, the employer shall compute his total income and make TDS thereon in accordance with the provision of section 115BAC of the Act. It means the individual can switch to the tax regime of his choice in the next year.įor opting the scheme, the employee has to give declaration to the deductor of his intention to opt for old or new tax scheme as per his choice. If the individual assessee is a salaried employee then he opt the scheme on a yearly basis. The provision is made applicable for the Individual/ HUF and the individual can exercise the option at the time of filing the return of income. Where the employee opts for new tax regime then the employee has to forgo some of the tax concessions under the existing income tax act, whereas if the employee opts for old tax regime then he will get the benefits of deduction under the income tax act. The Finance Act 2020, has introduced new section 115BAC, as per this provision the assessee has an option whether to pay tax as per new slab rates or the old slab rates including employees for Financial Year 2020-21 Assessment Year 2021-22. Format of Declaration to be taken from Salaried Employee by Employer to deduct TDS in Old or New IT Slab Rates
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