Clarification regarding deduction of TDS under section 192 read with sub-section (1A) of section 115BAC of the Income-tax Act, 1961 – reg.
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)
