Changing tax regime

Hi,

Can employees change the tax regime now?
Will there be penalties for changing now?
What would be the process to get it completed?

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Hi Madhu,

One may inform the employer about the option – New Tax Regime or Old Tax Regime – and still choose to file ITR no matter what option has been provided to the employer. Effectively, you can switch between new and old tax regime at the time of filing ITR.

Regards
Arpana

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