April 1 marks the beginning of a new financial year, after which Union Budget proposals on income tax take effect. These changes were announced by Finance Minister Nirmala Sitharaman in her Budget speech this year in February. There will be a default adoption of the new tax regime, which aims to streamline the tax filing procedure and promote greater participation in the new regime. However, taxpayers will still have the liberty to stick to the old tax regime if it is more beneficial to them. The tax slabs will be as follows: Income from ₹3 lakh to ₹6 lakh will be taxed at 5%, ₹6 lakh to ₹9 lakh will be taxed at 10%, ₹9 lakh to ₹12 lakh will be taxed at 15%, ₹12 lakh to ₹15 lakh will be taxed at 20%, and ₹15 lakh and above will be taxed at 30%. The standard deduction of ₹50,000, which was previously applicable to the old tax regime, has now been incorporated into the new tax regime. This will further decrease the taxable income under the new regime. The highest rate of surc...
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