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of <h1>Clarification on TDS Procedure u/s 192 with New Tax Regime, Effective April 2024; Opt-Out Available Annually.</h1> The circular clarifies the procedure for tax deduction at source (TDS) under section 192, in conjunction with sub-section (1A) of section 115BAC of the Income-tax Act, 1961, following the introduction of a new tax regime effective from April 1, 2024. This regime, applicable by default to individuals, Hindu undivided families, and certain associations, allows opting out annually. Employers must obtain employees' tax regime preferences for accurate TDS calculation. If no preference is communicated, the default regime applies. The intimation does not equate to exercising the option under section 115BAC(6), which must be done separately. The circular supersedes the previous one from 2020.
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