Are you a young salaried professional, whose investment and tax-saving strategy is the result of a mix of impulse and instinct, without adequate time and thought invested in much-needed planning for his taxes? While tracking the latest developments in the Indian tax landscape, we demystify the overarching differences between the old and the new tax regime to help you choose the best option.

Budget 2023 has made many changes under the Income Tax Act, 1961. Some of these changes will come into effect from the start of new financial year 2023-24 i.e., from April 1, 2023. Here are 15 incomes tax changes that will come into effect from tomorrow that will impact your taxes and money.

The government set a limit of Rs 10 crore for the long-term capital gain tax deduction for reinvestment in residential properties in Budget 2023.

The last date of linking PAN with Aadhaar has been extended to June 30, 2023, the Central Board of Direct Taxes (CBDT) said in a notification on March 28, 2023. More than 51 crore PANs have already been linked with Aadhaar to date, CBDT said.

After 1 April, gains from debt funds, gold funds and global schemes will be taxed at the slab rate of the individual.

The government has revised the effective date from which TDS on winnings from online games will be deducted. The amendment was made at the time of passing of Finance Bill, 2023 from Lok Sabha today. Earlier, the effective date on TDS on all winnings from online games was proposed to be July 1, 2023.

The marginal tax relief is available to individual taxpayers whose taxable income exceeds Rs 50 lakh. The Budget 2023 has made amendment under the income tax laws to provide marginal relief to small taxpayers who taxable income exceeds RS 7 lakh, provided they opt for new tax regime.

Currently, income tax laws allow taxation of these debt mutual fund schemes on the basis of a holding period. Short-term capital gains are taxed at tax rates applicable to your income. However, if the holding period exceeds 36 months, then gains are called long-term capital gains (LTCG). These long-term capital gains are taxed at 20% with an indexation benefit.

The Income Tax Department has released a mobile app named "AIS for Taxpayer" to make it easier for taxpayers to obtain their information as it is available in the Annual Information Statement (AIS)/Taxpayer Information Summary (TIS).