Financial Literacy News: As the financial year 2024-25 has begun on April 1, it is important to be aware of income tax rules. Even if changes are announced in the Union Budget or during the year, they usually take effect from the start of the new financial year. This year, there were no changes announced for FY 2024-25 in the interim budget, so the income tax rules from the previous year remain unchanged.
New tax rules 2023: One of the significant announcements regarding personal taxation was the declaration of the New Income Tax Regime as the default tax regime.
The surcharge amount is calculated on the tax before adding a cess to it. It is levied to put a high tax burden on rich people. This is how you can calculate it.