New tax regime, other rules to roll out from April 1. Here's what taxpayers need to know
From April 1st, the new tax regime which was announced in Budget 2023 will come into effect. Finance Minister Nirmala Sitharaman in her budget speech announced new income tax slabs and decided to make it a default tax regime. However, the old income tax slabs regime has not been abolished as well.
The tax rates which a taxpayer needs to pay on their income and income from other sources will be changing from April 1st, 2023. In Budget 2023, Finance Minister Nirmala Sitharaman announced key major changes for hard-working middle-class citizens who pay taxes. A new tax regime has been formed, while the old tax regime still continues. But the taxpayer has an option from old and new tax rules. For those who don't choose between the two, the new tax regime will become a default tax rate for them.