Investment Declaration

for FY 2023-24
Content

1. Default Option/Tax Relief……………………………………………………………………. Slide 3

2. Standard Deduction/Tax Exemption…………………………………………………… Slide 4
3. Tax Slabs 2023-2024…………………………………………………………………………… Slide 5-6
4. Illustrative comparison……………………………………………………………………….. Slide 7
5. How to Login to declare Investment Declaration……………………………….. Slide 8
6. Investment Declaration Submission Guidelines…………………………………. Slide 9-13

Cut-off Date : 23rd Apr 2023

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Default Option/Tax Relief
Default Option
Previous Scenario: Default tax regime
is Old Tax Regime. New Tax Regime was
optional.
As per Budget 2023: Default tax
regime will be New Tax Regime. And it
will be optional to choose for the Old Tax
Regime.
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Tax Relief u/s 87A
Previous Scenario: Individuals with an annual
taxable income of up to ₹5 lakh do not pay any
income tax either under the old or the new tax
regime. This is after considering the rebate of
₹12,500 under Section 87A of the Income Tax
Act.
As per Budget 2023: A rebate of ₹25,000 will
apply to those individuals with taxable income
up to ₹7 lakh under the new tax regime.
3
Standard Deduction/Tax Exemption

Standard Deduction

Previous Scenario: Salaried individuals

get standard deduction of ₹50000 under
the old tax regime but not the new regime.

As per Budget 2023: Now, salaried

individuals have been extended the benefit
of standard deduction under the New Tax
Regime also.

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 Tax Slabs 2023-2024

Age 60 years to Age above 80

Income Tax Slabs – Old Regime Old Scheme Income Tax Slabs 80 Years years
Up to 2,50,000 0% Up to 3,00,000 0% 0%
2,50,001 - 5,00,000 5% 3,00,001 - 5,00,000 5% 0%
5,00,001 - 10,00,000 20% 5,00,001 - 10,00,000 20% 20%
10,00,001 and Above 30% 10,00,001 and Above 30% 30%

Income Tax Slabs – New Regime New Regime

Up to 3,00,000 0%
3,00,001 - 6,00,000 5%
6,00,001 - 9,00,000 10%
9,00,001 - 12,00,000 15%
12,00,001 - 15,00,000 20%
15,00,001 and Above 30%

Surcharge Rate Old Regime New Regime

Threshold limit for Rebate u/s 87A 5 Lakhs 7 Lakhs

Standard deduction Rs.50,000 Rs.50,000
Education Cess 4% 4%

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 Tax Slab

If Tax slab is
Tax Slabs and Surcharge not chosen by
the employee,
Under the new tax regime, the basic income tax exemption limit has been raised default tax is
from the current ₹2.5 lakh to ₹3 lakh. The number of slabs has been reduced from new regime
six to five.

In a big relief to those in the higher income tax brackets, the highest surcharge rate
of 37% (applicable to those with an income of over ₹5 crore) has been cut to 25%
under the new tax regime.

No Change is proposed for the tax slabs or surcharge rates under the old tax
regime.

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 Illustrative comparison

Changes in New Tax Regime (Previous Vs as per Budget) Changes in Old Tax & New Tax Regime (as per Budget)

Taxable
Previous As per Budget Benefit Taxable Old Tax New Tax
Income Benefit
Income Regime Regime

₹ 7,00,000 ₹ 33,800 ₹0 ₹ 33,800 ₹ 7,00,000 ₹ 44,200 ₹0 ₹ 44,200

₹ 10,00,000 ₹ 78,000 ₹ 54,600 ₹ 23,400 ₹ 10,00,000 ₹ 1,06,600 ₹ 54,600 ₹ 52,000

₹ 15,00,000 ₹ 1,95,000 ₹ 1,45,600 ₹ 49,400 ₹ 15,00,000 ₹ 2,57,400 ₹ 1,45,600 ₹ 1,11,800

₹ 50,00,000 ₹ 12,87,000 ₹ 12,32,400 ₹ 54,600 ₹ 50,00,000 ₹ 13,49,400 ₹ 12,32,400 ₹ 1,17,000

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 Associate Login
Step 1

• Open Myhub portal by click on https://myhub.adecco.co.in/rvw/hub/

• Enter your Employee ID as user name and valid password to login the portal

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Step 2
• From the 'Indian Taxes' menu, select 'ESS Indian Taxes' and click on the 'Record Tax Declaration' option from the menu

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Step 3
• Validate your PAN number and select Old Tax or New Tax from the dropdown menu. Default option will be “New Tax
Regime”. If you wish to continue with the Old Tax Regime, you will have to select the Old Tax Regime in the
section shown below.

Associates have option to select Tax regime before investment declaration. Once you have opted a Tax regime or salary has been
processed with new tax regime, changes will not be possible in the current financial year.
New Tax Regime is default regime for Tax process.

Choose Old Tax Regime or New

TaxYear23-24
Tax Regime here

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Step 4
• Select 'Rent and Children Education Details' to update your rent. Select the 'City' and enter the monthly rent amount

• Click on the 'Save as Draft' button

TaxYear23-24

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Step 5
• Select the next tab 'Income/(Loss) from House Property & Other Income | Deduction under Chapter VI A'

• Update the interest on your Housing Loan and investment details under 80C, 80D and others

• Click on the 'Save as Draft' button

TaxYear23-24

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Step 6
• Select 'Review & Confirm' tab to review the data

• Tick the check box and click on the 'Confirm' button to submit your investment declarations

TaxYear23-24

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Investment Declaration
for FY 2023-24