Dear Learned Professional Colleague,
I am seeking your view/opinion on the circular no. 4 on New Tax Regime dated 5th April 2023. The earlier circular dated 13th April 2020 did mention that once an employee chooses a particular Tax Regime and communicates to his/her employee, he/she can not change the same during the same Financial Year. However, the employee can change the Regime at the time of filing the Personal Income Tax return.
Kindly note that this particular line is missing in the current circular issued in April 2023. Does this mean that the employee can modify the Tax Regime during the Financial year once opted? If yes, please do provide appropriate reference. I am attaching a copy of this Circular.
Regards
Bimal Jani
CAclubindia
