DEDUCTION OFINCOME TAXFROMSALARYOFTHE RAILWAYEMPLOYEE FORTHEFY2023-2024
Income Tax authorities insist that as per provisions of Income Tax Act, 1961, Income Tax has to be recovered proportionately starting from the salary paid on 1StApril of the year (ie) from the salary of March itself.
Hence, the deduction towards Income Tax for the year 2023-2024 shall be made commencing from March-2023 salary onwards. It is advised that employees may submit their Option form and Earnings/Savings data in Form-12BB (Format Enclosed) along with all Savings/HBA/Rent/Insurance Statements.
In terms of, Section 115BAC of the Income Tax Act,1961, Employees are requested to exercise an option for the deduction of TDS under Old/New Regime once, which cannot be changed for this current FY 2023-24 in a prescribed format which is enclosed as Annexure ‘A’
