Circular No.04/2023 CBDT1:Each year the employer shall seek information from each of its employees regarding their intended Tax Regime (Old or New u/s 115BAC) and deduct tax accordingly

Circular No.04/2023 CBDT

1:Each year the employer shall seek information from each of its employees regarding their intended Tax Regime (Old or New u/s 115BAC) and deduct tax accordingly

2:If intimation is not made by an employee then the default tax regime is the new regime u/s 115BAC

3:This intimation would not amount to the exercising option, it means a person can select any regime at the time of filing ITR u/s 139(1)