TDS: Companies will deduct TDS only after knowing about the preferred tax regime of the employees, read the news of work.

The Income Tax Department said companies (employers) will have to ask employees about their preferred tax regime in the current financial year and deduct tax at source (TDS) accordingly. If an employee does not inform his employer about his preferred tax regime, then the employer will have to deduct TDS from salary as per the new revised tax regime announced in the General Budget 2023-24.

Individual taxpayers have the option to choose whether they want to remain in the old tax regime offering exemptions and deductions or move to the new tax regime. The tax rates are lower in the new tax regime, but there are no exemptions. The Central Board of Direct Taxes (CBDT) issued clarification regarding TDS deduction on behalf of employers in the current financial year.

Government will not allow additional sugar export

Due to shortfall in production, the government is unlikely to allow additional sugar exports this year. Food Secretary Sanjeev Chopra said on Thursday, unseasonal rains have affected production in Maharashtra.

The Food Ministry has allowed the export of 60 lakh tonnes of sugar for the current marketing year 2022-23. So far 40 lakh tonnes have been exported. We have a target of 38.6 million tonnes of sugar production, Chopra said.