New Income-tax Act 2025 Introduces Simplified Framework and Revised Tax Rules from April 2026

The Income-tax Act, 2025 will replace the 1961 Act from April 1, 2026, introducing a simplified tax framework with clearer language and streamlined provisions. Key changes include the introduction of a unified 'Tax Year' concept, revised income tax return deadlines extending filing dates for certain taxpayers, and updated PAN requirements for high-value transactions. Income tax slab rates remain unchanged, while the Securities Transaction Tax (STT) rate is increased. These reforms aim to simplify compliance and improve clarity for individuals, businesses, and investors.