New Tax Rules Coming Into Effect From April 1: Here Are The Changes

A new financial year will begin from Saturday (April 1) and many changes will come into effect. Among these are the changes in income tax rules that will directly impact many people in India. New tax slabs too will come into effect, which the government says will benefit several taxpayers. Notably, the new tax regime will be the default tax regime unless a taxpayer chooses the old regime while filing the income tax return (ITR). These changes were announced by Finance Minister Nirmala Sitharaman in her Budget speech this year.