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New Clarification Regarding deduction of TDS on Salaries issued by CBDT

The Ministry of Finance, Govt of India, has issued a circular on April 5, 2023, clarifying how employers will be deducting tax on salaries for the current financial year 2023-24. An employer seek option from each of its employee , the income tax regime that he/she intends to choose for the purpose of TDS on salaries. Once the intimation is received by an employer, then tax on salary will be deducted accordingly. The employee can choose either the new…

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