How HNIs can save tax by choosing new tax regime while filing ITR for FY 2023-24 (AY 2024-25)

The Union Budget 2023 reduced the maximum surcharge rate from 37% to 25% for taxpayers who choose the new tax system. This change lowered the maximum marginal rate to 39% from 42.744%. As a result, high net worth individuals (HNIs) will see significant tax savings due to this amendment.