India, Feb. 2 -- The Union budget 2026 leaves headline tax rates unchanged, focusing on simplifying compliance, providing more certainty and building trust between the taxpayer and the State. It introduces a series of targeted reforms across income tax and customs that collectively seek to lower the cost of compliance and enhance the ease of doing business.

Income tax reforms: Moving from enforcement to facilitation

A key reform introduced earlier is the passage of the new Income Tax Act, 2025, scheduled to take effect from April 1, 2026. The new law aims to replace dense, cross-referenced provisions with a simplified and logically organised statute. The rules, procedures and forms guiding the implementation of the new act are keenly aw...