TDS on salary, income tax refund: A salaried is required to choose tax regime twice - one for tax deducted on salary by employer and secondly while filing ITR.
The finance ministry on Monday said there is no change in the new income tax regime for individuals for the current fiscal year and individual taxpayers can opt out of the regime at the time of filing their ITR.
New Tax Regime vs Old Tax Regime: An important aspect of opting into the new regime was that once opted in, persons having business/professional income could only opt out of the regime once and thereafter, would be prevented from opting back in.
Old Tax Regime vs New Tax regime: The Union government in Budget 2023 made the New Tax Regime a default choice. If a taxpayer does not choose between the old and new tax regimes, then their taxes will be automatically calculated under the new regime.