New Income Tax Act kicks in from April 1

Key changes to know

Now there's just one Tax Year (April to March), instead of juggling Previous and Assessment years.
Outdated rules are gone. You can claim TDS refunds on belated (late) returns; penalties or late-filing fees may still apply.
Plus, things like crypto are officially taxed as capital assets now.

TCS is tweaked for overseas transfers above ₹10 lakh

Tax Collection at Source (TCS) is tweaked for overseas transfers above ₹10 lakh, with a simpler rate for stuff like scrap or minerals.

The new default: no tax up to ₹4 lakh income; 5% between ₹4-8 lakh; and up to 30% if you're earning more than ₹24 lakh.

Hopefully, less stress when tax season rolls around

All this means easier filing, clearer rules, fewer disputes with tax officials, and hopefully less stress when tax season rolls around.