New tax rules 2023: One of the significant announcements regarding personal taxation was the declaration of the New Income Tax Regime as the default tax regime.
The New Tax Regime was made the default option for all taxpayers in Union Budget 2023, including individuals, Hindu Undivided Families (HUFs), and Association of Persons (AOPs).
As a first step, you should inform his company that he wants to opt for the old tax regime. Several deductions available to you will not be considered under the new regime. Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments.
New income tax regime vs old: If you re one of those who are struggling to decide between the two , these tips can help you in making the correct choice at the last minute