It gives us immense pleasure to announce our next Greytribe live session, being conducted on October 7th, Friday at 3:30PM to 4PM.
This time, there will be an exclusive 30 minutes of LIVE discussion thread with the Expert Amaranath AS, Co-founder, Arush India on the topic ‘New and Old Tax Regime and its impact on salaried employees’.
Requesting members to post your doubts/queries related to New and Old Tax Regime as comments on this post and get them answered by the Industry Expert on October 7th, 2022.
We thank each one of you for your continuous support and enthusiasm that you bring to the LIVE community session. Your support motivates us and we strive harder every time to come up with new, exciting and informative sessions. Much appreciated.
Join the upcoming Greytribe live session on ‘New and Old Tax Regime and its impact on salaried employees’ and get all your queries answered by our expert Amaranath AS, Co-founder, Arush India at 3:30pm to 4:00pm on Friday, October 7th.
Let’s welcome today’s expert for the session, Mr. Amaranath AS, Co-founder, Arush India.
Mr. Amaranath AS is a CA by profession and has around 19 years of experience in the fields of NRI/HNI taxation, US Tax and labour law consulting. He started his career in the International Executive Services division of KPMG Global Services where he worked on US tax returns and related compliances for expatriates.
Prior to starting the firm, Mr. Amaranath worked in the Global Employer Services practice in Deloitte Bangalore. His expertise includes various facets of global mobility like Expatriate Tax, Social Security, PF implications on International Workers, ESOPs, immigration, assignment structuring etc. He was an active member of the team which makes industry representations to the Ministry of External Affairs through NASSCOM in matters concerning social security legislations. In his current role, he has assisted his clients on PF matters, issues relating to International Workers, Gratuity trusts, etc. He has also advised clients on matters relating to labour codes impact analysis, comp structuring, labour law compliances arising on account of merger/demerger etc.
We are thankful to him for joining our session today as the expert to share his views, expertise, thoughts and knowledge.
Once again, a very warm welcome to you Mr. Amaranath.
We also open the session for questions after this post.
simplification and rationalization of tax provisions. The old regime of taxation provides for many exemptions deductions subject to certain conditions and documentation requirements. This makes the claim of exemption or deduction complex and cumbersome. To ease this process, new regime was introduced.
Most of the exemptions are not available under new regime. However, the following exemptions are still retained in the new regime as well
• The following special allowances u/s 10(14) are exempted under new regime
• Transport allowance granted to a divyang employee for commuting between residence and office
• Conveyance allowance granted to meet the expenses of official nature
• Allowance granted to meet the cost of travel on tour or on transfer (basically business travel / transfers)
• Rebate u/s 87A is still available under both the regimes
Conditions are -
• Salaried employees have to choose this in the tax return itself. Restrictions applies to business income people.
• Income Tax return has to be filed within due date in order to exercise the option
Option to the employees to elect whether old or new regime of taxation may be given by the employer. If option not exercised by the employee, old tax regime needs to be followed.
Once the option is exercised, cannot be changed for TDS purposes. Employee can still change at the time of filing the tax returns.