The income tax system underwent substantial changes in financial year 2023–2024, which had an impact across all categories of taxpayers, including the wealthy and those belonging to the low-income category. Union Minister of Finance Nirmala Sitharaman made several statements in her Budget Speech in 2023 that set the ball rolling on this. The income tax slabs under the old tax regime were left untouched, and the majority of the changes related to the new tax regime, which was implemented in 2020.