New Delhi, Feb. 1 -- The Budget 2026-27 proposed a slew of direct tax reforms to simplify the tax regime and ensure better compliance by the citizens.
Finance Minister Nirmala Sitharaman announced a comprehensive review of Income Tax Act 1961 and the implementation of Income Tax Act 2025 from April 1st this year.
While presenting the budget in parliament here, she said, "I announced a comprehensive review of the Income Tax Act, 1961. This was completed in a record time and the Income Tax Act, 2025 will come into effect from 1st April, 2026."Coming on to tax administration, Sitharaman announced to constitute a joint committee of the Ministry of Corporate Affairs and Central Board of Direct Taxes for incorporating the requirements of Income...