Income Tax Big Changes Effective from April 1, 2024

 

April 1, 2024 marks the beginning of the new financial year and is of paramount significance from the perspective of personal finance, as many Budget proposals on income tax come into effect from this day. Finance Minister Nirmala Sitharaman announced several changes in her Budget speech this year that will impact individual finances. Here’s a comprehensive look at some of the major changes you should be aware of, including expanded basic exemption limits among others.

What New Financial Year Has In Store For You?

New Tax Regime Default Adoption: For all taxpayers, the simplified structure and reduced deductions of the new tax regime will become the default choice. However, taxpayers still have the liberty to stick to the old tax regime, if it’s more beneficial to them.

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