New income tax rules from April 1: Key things to know Top Searches New income tax rules from April 1: Key things to know TIMESOFINDIA.COM / Apr 1, 2021, 10:02 IST FacebookTwitterLinkedinEMail NEW DELHI: Union finance minister Nirmala Sitharaman announced a slew of changes in her Union Budget 2021 presentation. The changes will come into effect from April 1, 2021. Here's a look at the changes announced in budget: Choose between 'New tax regime' and Old tax regime: The government had implemented the new tax regime last year in budget 2020. The process exercise of choosing one of the tax regimes for the financial year 2020-21 (FY21) will be required to be made starting from April 1, 2021. Taxpayers will be able to opt for a beneficial regime at the time of filing their tax returns for FY21.