TDS (Tax Deducted at Source) aims to collect tax at the source of income.
If you (ITR-3 and ITR-4 filers) do not file form 10-IEA, it will be assumed that you have opted for the new tax regime.
India offers two tax regimes: the old and the new.
For the financial year 2024-25, the first advance tax instalment is due on June 15th, 2024., that is today.
For TDS purposes, employees must declare their preferred tax regime to their employers once a year.