The new financial year has started and the preparation of all employees to save income tax has also started. As soon as every new financial year begins, the most important task in connection with the income tax is to choose the income tax regime and to submit the investment declaration accordingly.
ITR entry: The new financial year has started, and the preparation of the savings of income tax has also started for all employees. As soon as every new financial year begins, the most important task in connection with the income tax is to choose the income tax regime and to submit the investment declaration accordingly. This only takes a few minutes of your time, but you will save thousands of rupees in taxes.
From this financial year, an income of up to 4 LAKH will be free of income tax as part of the new income tax regime. If your taxable income is less than RS 12 LAKH, income tax is zero. If you do not invest a lot of money in different places, the new income tax system is suitable for you. This is due to the fact that the tax levied in the plates is less within the framework of the new income tax system.
These e -mails were sent to the employees
The HR department of many companies has sent their employees an email to the investment declaration. You must either select the old or the new tax system. If you choose the old tax system, you must also see how much you can invest in which system this year. The income tax is deducted accordingly in your salary.
Select the tax regime within the specified time
Note that by default, you do not select the new tax system as active as active as active as active as active by the HR department. If you choose the old tax regime and do not submit the investment declaration afterwards, you have to pay a large tax.
If you accidentally choose the old tax system and a large part of your tax is deducted, you don’t have to worry either. During the submission of ITR, you can submit ITR by selecting the new income tax regime and the surplus tax you have deducted will be refunded.
