Income Tax: What happens if employee fails to pick between new and old tax regime? CBDT notification instructs employers how to deduct tax in such cases
Income Tax, Default Tax Regime: Employers will have to take ascent from their employees regarding their choice to opt for new tax regime or the old tax regime.
Income Tax new vs old tax regime: In her Budget 2023-24 speech, FM announced changes to the new optional tax regime to ensure that effectively no tax would be payable for anyone whose taxable income does not exceed Rs 7 lakh.