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of <h1>Employees Can Notify Employers for TDS Adjustment u/s 115BAC Concessional Tax Rate Option.</h1> Section 115BAC of the Income-tax Act, 1961 allows individuals or Hindu undivided families with non-business income to opt for a concessional tax rate. Concerns were raised about tax deduction at source (TDS) due to uncertainty about employees' tax choices. To address this, employees can inform their employers if they intend to choose the concessional rate, and employers will adjust TDS accordingly. This intimation is solely for TDS purposes and does not constitute the formal exercise of the option, which must be done when filing the tax return. For those with business income, the choice is binding for future years unless specified conditions are met.
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