What is changing from April 1?
The income tax system is going to change completely from April 1. The decades-old law of 1961 will end and will be replaced by ‘Income Tax Act 2025’. The biggest relief is for those parents who choose the old tax regime, as the tax exemption on children’s education and hostel has now been increased up to 30 times. Moreover, from tomorrow onwards terms like ‘Financial Year’ will become history and will be replaced by ‘Tax Year’. If you also want to save tax on your children’s future and your hard-earned money, then it is very important for you to understand these new rules.