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Apr 01, 2026
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New income tax rules from April 1, 2026: From HRA relief to new ITR deadlines, key changes explained
Several important income tax changes are scheduled to go into effect on April 1, 2026, providing taxpayers with a combination of relief and increased compliance requirements. However, it's important to note that these new tax rules, 2026 are applicable from Tax Year 2026-27 onwards. As for AY 2026-27 (FY 2025-26), income tax return (ITR) needs to be filed on or before July 31, 2026 by following the old tax rules, 1962 and old tax act, 1961.
For Tax Year 2026-27 i.e. from April 1, 2026 new rules like revised TDS and TCS provisions to changes in return filing timelines, buyback taxation, and new reporting formats, the updates will have a direct impact on tax planning and compliance for Tax Year 2026-27. Notably, concepts like the introduction of a "Tax Year", revamped income tax forms, and updated deduction limits signal a shift towards a more streamlined tax regime.
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