New Tax Regime
The New Tax Regime introduced by the Indian government offers lower headline tax rates but foregoes most exemptions and deductions such as HRA, LTA, and Section 80C benefits. Starting from FY 2023-24, the new regime is the default, and employees must opt out if they prefer the old regime with deductions. HR and payroll teams must collect the tax regime declaration from employees at the start of each financial year.
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