In the context of income tax, the terms "old regime" and "new regime" refer to different tax structures or systems that taxpayers can choose from when filing their income tax returns.
To view the comparison between the old and new regime, the admin must perform the following actions:
- From the greytHR Admin login, navigate to Payroll > Published Info > IT Declaration. The IT Declaration page opens.
- From the select an employee search box, search for the employee for whom you want to make the regime comparison.
- Each plan displays a comparison of regimes between the Old Regime and New Regime. Each regime displays the Taxable Income and Net Tax amount based on the plan you create. Also, a Maximum Benefit tag appears to help you in decision-making.
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