Dear All,

Now that the new Fiscal Year 2023-24 (AY 2024-25) has begun on 1st Apr 2023, you must
submit an Investment Declaration plan for the FY 2023-24 (1st Apr 2023 to 31st Mar 2024).

i) New Tax Regime:- New Slabs and tax rates as well as no requirement to submit any
investment declarations or IT related proofs. Once opted, this cannot be changed
during the fiscal year.

ii) Old Tax Regime:- Individuals will be required to submit investment declarations
and IT related proofs.

 If you wish to opt for Old Tax System, please complete the attached investment
declaration form and mention in the mail that “I opt for Old Tax Regime”.

Note:- Unless an individual specifies that he/she is opting for the old
income tax regime, then the revised new income tax regime will be
applicable.
Purpose:-

-> It is mandatory for an Employer to deduct TDS (Tax Deducted at Source) from each
Employee's salary which subsequently gets deposited with IT Department.

-> After adjusting the tax declaration, the employer calculates and deducts TDS based on the
employee's yearly income (salary/bonus perks, etc.). - This exercise is performed to assist
employees in recovering applicable tax burdens in equal instalments rather than at the end of
the year with a large lump-sum amount.

-> It also helps employee to file clear and clean IT return without any tax penalty.

You need to do:-

 Fill the attached investment declaration form.

 Old Tax System:- for the applicable investments/incomes/losses/expenditures which
you planned for FY 2023-24 (between 1st Apr 2023 to 31st Mar 2024).
 Send the filled form (Soft Copy) to itr@mirafra.com on or before 20th Apr 2023.
 If you need any clarification contact Payroll Team on payroll@mirafra.com

Simplicity of Form 12BB:-

 This form is self-explanatory and explanation of each investment particulars/section/act

is provided with the document. Follow the given instructions/details and decide your
plan of investment.
  Open the attachment> go to Form 12BB and scroll down> mention your personal details
in Form 12BB then go to Annexure and scroll down> click the check box column i.e.
Annexures which you want to fill (you will get new sheet of that annexure)> fill in the
info in that sheet of Annexure and information will reflect automatically in Form 12 BB.

Do I need to submit proofs if I am opting for Old Tax System?

 No, this is just Planned Investment Declaration and not submission of proof. You need to
submit all the declared investment proofs in the month of Dec 2023, for which separate
communication will be made.

What will happen if I do not submit the required Investment Declaration for FY 2023-24?

 Full tax will be deducted from your salary w.e.f. Apr 2023 salary and no retrospective
corrections will be done later on.
 To get the correct TDS deductions, submit the planned Investment Declaration for Tax
Computation within given time line i.e. on or before 20th Apr 2023 (send filled form on
itr@mirafra.com).
 Full Income Tax (TDS) will be deducted in case of no submission of investment
declaration within given timeline.

Note: we do not accept investment declaration through EIP Portal.

Thanks & Regards,

Finance Team,

Mirafra Software Technologies Pvt Ltd.