US EditionPublished • loading... • Updated
What Changes for Taxpayers in Budget 2026? From Penalty to STT, 10 Things Change as Income Tax Slabs Remain Unchanged
The Income Tax Act 2025 simplifies tax compliance with redesigned forms and extended revised return deadlines, easing filing for taxpayers, according to Finance Minister Sitharaman.
- On Sunday during the Union Budget presentation, Finance Minister Nirmala Sitharaman said Income Tax, 2025 will take effect from April 1 and that simplified rules and forms will be notified shortly.
- The overhaul followed last year's proposal to replace the 1961 Income Tax Act after review by a thirty-one-member Select Committee of the Lok Sabha and Rajya Sabha assent last August, aiming for concise law and simpler forms, the Finance Minister said.
- Administrative changes include staggered tax timelines, an extended revised return deadline to March 31 with a nominal fee, TDS on non-resident property sales via resident buyer's PAN challan instead of TAN, and rationalised TDS/TCS provisions for direct tax deductors and taxpayers.
- Officials said the Budget left income tax slabs unchanged to provide predictability for individual taxpayers and build confidence among domestic and global investors, while keeping the states' share in central taxes at 41 percent for 2026-31.
- Looking ahead, the changes align foreign tax credit timelines to allow claims via revised returns soon, but direct tax experts had hoped for a higher standard deduction than Rs 75,000.
Insights by Ground AI
13 Articles
13 Articles
What changes for taxpayers in Budget 2026? From penalty to STT, 10 things change as income tax slabs remain unchanged
FM Nirmala Sitharaman said the New Income Tax Act would come into effect from 1 April 2026. She had proposed to overhaul the six-decade-old Income Tax Act of 1961 in her budget presentation last year. Here's all you need to know about the changes.
·New Delhi, India
Read Full Article
New Income Tax Act effective April 1 | Check changes in revised ITR deadline, tax year, TCS rates, MACT awards
India's Finance Minister Nirmala Sitharaman announced that a new Income Tax Act, replacing the 1961 law, will take effect from April 1, 2026, aiming.Income Tax Act 2025, new tax laws India, simplified income tax returns, direct tax code India, LLM tax compliance, AI tax filing, tax year framework, TDS refunds new rules, revised ITR deadlines, TCS rate changes, Nirmala Sitharaman budget, 2025 tax law changes, understand new tax system, easy tax f…
Coverage Details
Total News Sources13
Leaning Left4Leaning Right1Center1Last UpdatedBias Distribution67% Left
Bias Distribution
- 67% of the sources lean Left
67% Left
L 67%
C 17%
R 16%
Factuality
To view factuality data please Upgrade to Premium
