1st अप्रैल से बदलने जा रहे टैक्स के नियम, जानें क्या-क्या होंगे बदलाव?| OTT India

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New Tax Rules Effective April 1: What You Should Know
As the new financial year begins on April 1, significant changes in income tax rules will come into effect, announced by Finance Minister Nirmala Sitharaman in this year's Budget speech. These changes include expanded basic exemption limits and other adjustments impacting individual finances. Here are the key changes:
Default Adoption of New Tax Regime: The default adoption of the new tax regime aims to simplify tax filing and encourage participation in a system with reduced tax rates but fewer deductions and exemptions. Taxpayers still have the option to choose the old regime if it suits them better.
Elevated Basic Exemption Limit and Rebate: Under the new tax regime, effective from April 1, 2023, the basic exemption limit increases to ₹3 lakh from ₹2.5 lakh. Additionally, the rebate under Section 87A of the Income Tax Act rises to ₹7 lakh from ₹5 lakh. This means individuals with taxable income up to ₹7 lakh will receive a full tax rebate, eliminating their income tax liability.
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