As FY23-24 Kicks In, It’s Time To Chart Your Tax Course

The financial year 2023-24 has already set sail, and before you embark on this new journey, it’s time to make sure everything is in order. A good starting point would be to assess your tax life. If you think it’s too early to start thinking about it, you are mistaken. It won’t be long before your HR department sends you a reminder to declare your intended tax-saving investments and expenses during the year. From FY24, the new tax regime would be the default one. Since it does not allow any deductions or exemptions (except the standard deduction of Rs 50,000, which Budget 2023-24 proposed to introduce), the HR department may simply skip asking for declarations. Whether the HR department reminds you or not would depend on its policy, but if you want to stay in the old tax regime—if that suits you—you better remind the accounts department in...