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As announced in the Budget for FY 2023-2024, employers are required to deduct tax at source (TDS) based on the updated income tax slabs and rates introduced in the latest budget. This new regime offers lower tax rates in exchange for the removal of most exemptions and deductions that were available under the old tax structure. Employees now have the option to choose between the old and new tax regimes when filing their income tax returns; however, the TDS deducted by employers will be based on the new regime by default unless otherwise specified by the employee.
