K News Desktop- Many important amendments to income tax have been made in the Union Budget 2026, the aim of which is to make it easier for taxpayers to follow the rules and simplify the tax process. The government has made changes in many provisions to make the tax system more transparent and modern. All these new rules will come into effect from April 1, 2026 and may impact crores of taxpayers of the country.

The biggest change is that the new Income Tax Act 2025 will officially come into effect from April 1, 2026. After its implementation, the new system will be implemented in place of the existing Income Tax Act 1961. However, the government has also clarified that no change has been made in the income tax slab for the financial year 2026-27 and for now the existing tax slabs will continue.

The government has also made some changes in the deadline for filing tax returns. Taxpayers who are not audited and who do not file Income Tax Return Form-3 For those who file Income Tax Return Form-4, the last date for filing the return has now been extended to 31st August. This deadline will come into effect after the end of the relevant tax year. Income tax return form–No change has been made in the last date for filing 1 and Income Tax Return Form-2 and it will remain the same as before, 31st July.

Apart from this, in cases of tax audit, the last date will remain the same as before, 31st October. The government has also extended the deadline for filing revised income tax returns. Now taxpayers will be able to file their revised returns by 31st March of the concerned financial year instead of 31st December. However, if a person files a revised return after December 31, he will have to pay additional fees.

Government to ease tax compliance (Tax Collected at Source) rates have also been rationalized, so that delays in refunds can be reduced and taxpayers have to face less hassles. While in some cases A provision has also been made for increase in (Securities Transaction Tax).

Along with this, the government has also announced to give a one-time opportunity to the taxpayers, in which they can disclose their foreign assets. Its objective is to increase transparency in the tax system and bring undeclared assets within the ambit of the system. Experts believe that these changes can make the tax filing process easier than before and it will also be easier for taxpayers to understand the rules. However, after the implementation of the new provisions, taxpayers may have to make some changes in their tax planning.