Flexible Benefits Plan (FBP), though, is available only under the old tax regime, which allows an individual to claim deductions and exemptions under various sections of the income tax Act.
You must declare to your employer this month which tax regime you wish to adopt, and accordingly, TDS will be deducted from your monthly salary. If you do not specify the regime you wish to choose, your employer will compute taxes as per the new regime rates, as it is the default regime 2023-24 onwards.
Despite the increase in awareness around the importance of incorporating tax planning into the overall financial planning strategy and starting early, many tend to put off the process until the last minute.
Under the income tax rules, specified institutions are required to furnish SFT to the I-T department with the details of certain financial transactions or any reportable account registered/recorded/maintained by them during the year.