The Finance Minister Nirmala Sitharaman’s direct tax announcements during the Budget 2026 speech marked a major overhaul in India’s tax system. At the heart of the reforms is the new Income Tax Act of 2025, which will replace the decades-old law, from April 2026, with simpler rules and redesigned forms to make compliance easier for ordinary taxpayers.
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Watch: What does the Union Budget 2026 say on direct taxes?
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