How do I choose my Tax Regime?
Effective current financial year 2020-2021 as per the notification from Income Tax Department dated 13th April 2020, it is mandatory for employees to declare if they wish to opt for the "New Tax Regime".
Note: By default, all the employees will be under the "New Tax Regime". However, you can chose to go back to the old regime. Tax regime can be chosen just once in a financial year. Before declaring your tax regime, you can compare both tax regimes under the income tax calculator. Based on this you can take the appropriate actions.
How to Declare Tax Regime in the employee portal?
- Please log into your employee portal & go to Tax Declarations >> Investment Submissions.
On the top of the page, you will find a banner stating "You are currently on the Old tax regime". Click on the edit button to go to the New tax regime or vice-versa.
- You can use the Tax Calculator on the same page to compare your tax liabilities as per both the regimes before the change. Please ensure that you verify your tax liabilities before changing the regime.
