New Tax Rules To Come Into Effect From April 1. All You Need To Know
NDTV
The default adoption of the new tax regime is a notable modification. Its objective is to streamline the tax filing procedure and promote greater participation in the new regime.
April 1 marks the beginning of a new financial year and it is always significant from a personal finance point of view as most of the Budget proposals on income tax take into effect from this day. Additionally, other changes also become applicable from this day which may impact individual finances. These changes were announced by Finance Minister Nirmala Sitharaman in her Budget speech this year. Here's a look at some of the major changes you should be aware of, including expanded basic exemption limits among others.
The default adoption of the new tax regime is a notable modification. Its objective is to streamline the tax filing procedure and promote greater participation in the new regime, featuring reduced tax rates albeit with fewer deductions and exemptions. However, taxpayers will still have the liberty to stick to the old tax regime if it is more beneficial to them.
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