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The changes aim to make compliance easier, improve cash flows, and reduce procedural hurdles.
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 to simplify direct tax compliance for ordinary citizens.
Union Budget 2026-27 updates: Finance Minister Nirmala Sitharaman announces key policies and reforms shaping India’s economy. The budget includes income tax changes and measures impacting businesses and individuals. Get the latest Union Budget 2026 news and analysis on OnManorama.
Speaking to the media, Babu said Roy had been under intense pressure from the IT Department.
While the government's focus will remain on fiscal consolidation and simplifying the statute, it must not lose sight of the taxpayer's wallet.
All PAN cards issued using an Aadhaar number before October 1, 2024 must be linked with Aadhaar by the end of 2025
Income Tax Return filing deadline for AY 2025-26 has been extended.
The new bill incorporates 285 recommendations from a 31-member Select Committee headed by BJP MP Baijayant Panda
Filing ITR early is advised to avoid last-minute issues and potential complications, despite the extended deadline.
The evasion involved manipulated billing software and hawala transactions to conceal actual income and mislead authorities.
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