New Delhi, Feb. 1 -- Union Finance Minister Nirmala Sitharaman has announced several proposals regarding direct taxes in her Union Budget 2026-27 speech on Sunday. Here we take a look at key pointers from the same:

1. Sitharaman has proposed increased the deadline to file Income Tax returns from 31 December to 31 March.

2. New Income Tax Act will come into effect from 1 April, and will be replacing the six-decade-old tax law.

Sitharaman said in her Budget speech, "This (direct tax code) was completed in record time and the Income Tax Act 2025 will come into effect from first April 2026. The simplified income tax rules and forms will be notified shortly, giving adequate time to taxpayers to acquaint themselves with its requirements."

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