Begin tax planning at start of financial year to avoid cash crunch later

Consider both income level and deductions you can avail of when choosing between old and new tax regime

For tax planning to be effective, it must begin at the start of the financial year rather than being left for the last quarter or month. This year, the tax planning process should begin by deciding whether to opt for the old or the new tax regime.

Choose the right regime

Budget 2023 made the new tax regime the default regime. If you wish to choose the old regime, you need to opt for it. The accounts departments of companies have started sending emails to employees requesting them to inform them of their choice, so that the appropriate tax deduction at source