- New income tax slab for FY 20023-24 has become effective from 1st April 2023
Income tax calculator: After ushering in new financial year from 1st April 2023, new income tax regime has become a by default tax regime for taxpayers. However, an earning individual will have the option to opt old income tax regime. From today, standard deduction of ₹50,000 per annum has also been extended in new income tax regime. However, the most important change taking place from today is new income tax slab for FY 2023-24, which has become effective with the beginning of new financial year.