Budget ensures ease of living for taxpayers, new Income Tax Act from April 1

New Delhi: To ensure ease of living for taxpayers, the Union Budget 2026-27 on Sunday announced a range of proposals on direct taxes, saying that the Income Tax Act, 2025, is slated to come into effect from April 1, 2026.

The simplified rules and forms will be notified in due course, giving adequate time to taxpayers to acquaint themselves with their requirements. The forms have been redesigned for simpler understanding and compliance for ordinary citizens.

Finance Minister Nirmala Sitharaman also proposed that any interest awarded by the Motor Accident Claims Tribunal to a natural person will be exempt from Income Tax, and any TDS on this account will be done away with. Read More...