India, Feb. 2 -- Finance minister Nirmala Sitharaman on Sunday, during the presentation of Union Budget 2026-27, announced that the New Income Tax Act, 2025, will come into effect from April 1, 2026, replacing the six-decade-old tax law.

She stated that the simplified Income Tax rules and forms would be notified shortly to ensure that taxpayers get adequate time to acquaint themselves with the law's requirements. "The forms have been redesigned such that ordinary citizens can comply without difficulty," Sitharaman said.

Besides announcing the new act, the finance minister also extended the deadline for filing I-T returns from December 31 to March 31.

However, no changes were introduced in the tax structure or slabs in this year's budge...