In Finance Act 2020, the Government has introduced a new income tax regime under section 115BAC that comprises a significant change in the slabs rates.
All the employees of UBKV including all outstation centres are requested to choose his/her tax option (New tax regime or existing tax regime). They are required to submit their tax savings investment certificates, for which Income Tax exemption will be claimed under section 24(b), 80C, 80D, 80CCD(1B) etc., as per annexed format for the financial year 2021-22 within 24th January,2022, positively. It is mandatory for every employee to choose one of the two options so that the Income Tax on Salary can be computed and deducted accordingly. This option can be exercised only once in a financial year and cannot be changed within the same financial year.
In case of non-submission of savings records, income tax liability of the concerned employees shall be assessed on the basis of Salary disbursement and TDS will be made accordingly from their monthly salary without any further intimation. Co-operation in this matter by all concerned is solicited.