New Tax Rules To Come Into Effect From April 1: 7 Key Points With the new financial year, the Union Budget’s Income Tax proposals will also come into effect from Apr 1, 2024. Finance Minister Nirmala Sitharaman announced these changes during her Budget speech earlier this year in February. Here's an overview of some significant changes, including expanded basic exemption limits, among others, that you should be aware of. 1. The default adoption of the new tax regime is a significant change aimed at simplifying the tax filing process and encouraging more taxpayers to opt for the new regime, which offers lower tax rates but fewer deductions and exemptions. However, taxpayers still have the option to continue using the old tax regime if it proves to be more advantageous for them. 2. As per the announcement made in the previous Budget, starting from April 1, 2023, the basic exemption limit was raised to Rs 3 lakh from Rs 2.5 lakh under the new tax regime. Additionally, the rebate pro...
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