India will implement the new Income Tax Act 2025 from April 1, 2026, replacing the existing Income Tax Act 1961.
The reform introduces several important changes impacting salaried individuals, investors, and taxpayers across the country.
Key Changes:
Single “Tax Year” replaces Financial Year & Assessment Year
PAN mandatory for transactions above ₹10 lakh annually
Aadhaar alone not enough for PAN; additional DOB proof required
HRA rules stricter – landlord PAN & rent proof compulsory
Share buybacks taxed as capital gains
SGB tax benefit only for original issue investors
ITR deadline extended to August 31 (non-audit cases)
No interest deduction on dividend & mutual fund income
Children’s allowance increased to ₹3,000/month per child
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