New Income Tax Act 2025 to come into effect from April 1, key reliefs announced

New Delhi: Finance Minister Nirmala Sitharaman on Sunday said that the Income Tax Act 2025 will come into effect from April 1, 2026, and the I-T forms have been redesigned such that ordinary citizens can comply without difficulty for ease of living.

The new measures include exemption on insurance interest awards, nil deduction certificates for small taxpayers, and extension of the ITR filing deadline for non-audit cases to August 31.

Individuals with ITR 1 and ITR 2 will continue to file I-T returns till July 31. Read More...