A Closer Look at the Significant Tax Adjustments Coming into Force on April 1, 2024

A Closer Look at the Significant Tax Adjustments Coming into Force on April 1, 2024

April 1 signifies the start of a fresh fiscal year and holds great importance for personal finances, as many income tax adjustments from the Budget come into effect on this date. Additionally, various other alterations are also implemented, potentially influencing individual financial situations. These modifications were unveiled by Finance Minister Nirmala Sitharaman during her Budget speech this year. Let’s delve into some significant changes you need to know, such as the widened basic exemption thresholds, among others.

New Tax Regime Default Adoption

Elevated Basic Exemption Limit and Rebate

New Tax Slabs

Restoration of Basic Deduction

Reduced Surcharge

Life Insurance Taxation

Exemption of Enhanced Leave Encashment

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