Choose the old or new tax regime
Compare your tax under both regimes and pick the one used for your TDS this financial year.
Every financial year you can choose the new tax regime (section 115BAC) or the old tax regime for TDS on your salary. Attendex compares both for you.
Before you start
- The new regime is the default. If you do nothing, TDS is worked out under the new regime.
- You can change the regime only while HR has the Investment declaration window open, and only if HR hasn't locked your regime.
Steps
- Go to My Finances in the left menu ( open My Finances).
- Open the Manage Tax tab, then Declaration.
- Check the financial year selector at the top.
- On My Declarations, find Which regime saves you more?. It shows your estimated tax under each regime.
- Select New regime or Old regime.
- Click Use selected regime.
TDS is worked out on the new regime from the next payroll.
Which one is better for me?
| New regime | Old regime |
|---|---|
| Lower slab rates and a higher standard deduction | Higher slab rates |
| Most deductions such as 80C, 80D, HRA and home-loan interest on a self-occupied house are not allowed | Your declared investments and exemptions reduce your tax |
| Previous income, let-out property income and other income still count | Same |
If you have large investments, rent or home-loan interest, the old regime may save more. The comparison on the page uses your actual salary and declarations.
Locked regime
If you see Regime locked by HR, your HR team has fixed your regime for the year. Contact HR if it needs to change.
Next steps
Still stuck? Email info@cybexinnovation.com or WhatsApp +91 89277 73048.