ITR Filing: The new financial year has begun and with this, the preparation of all the employed people to save income tax has also begun. As soon as every new financial year begins, the most important task related to income tax is to choose the income tax regime and make an investment declaration accordingly.
The new financial year has begun and with this, the preparation of saving income tax has also begun for all the employed people. As soon as every new financial year begins, the most important task related to income tax is to choose the income tax regime and make investment declaration accordingly. It will take only a few minutes of your time, but you will save thousands of rupees in tax.
From this financial year, under the new income tax regime, income up to Rs 4 lakh will be exempt from income tax. On the other hand, if your taxable income is less than Rs 12 lakh, then the income tax levied on you will become zero. On the other hand, if you do not invest a lot of money in different places, then the new income tax system is right for you. This is because the tax levied in the slabs under the new income tax system is less.
These emails have been sent to the employees
HR of many companies have sent the email of investment declaration to their employees. In this, you have to choose one of the old and new tax system. If you choose the old tax system, then you will also have to tell how much you can invest in which scheme this year. Income tax will be deducted from your salary accordingly.
Choose the tax regime within the stipulated time
Keep in mind that if by mistake you do not choose the tax regime before the last date given by HR, then by default the new tax system will be considered active. On the other hand, if you choose the old tax regime and even after that do not give the investment declaration, then you will have to pay a huge tax.
If you also choose the old tax system by mistake and a lot of your tax is deducted, then also you do not need to worry. While filing ITR, you will be able to file ITR by choosing the new income tax regime and whatever excess tax has been deducted from you, it will be refunded to you.
