Income Tax:
- CBDT clarified that each year, employer shall seek information from each of its employees regarding their intended Tax Regime (Old or New under section 115BAC) and deduct TDS accordingly, If intimation is not made by an employee, then default tax regime will be considered as new Income Tax regime u/s 115BAC by the employer. CBDT further clarified that this intimation would not amount to exercising of an option by employee, it means a person can select any regime at the time of filing ITR u/s 139(1). [Circular No.4/2023 dated 5th April 2023]
