Latest direct tax reforms in India 2026 India’s direct tax framework has undergone a major transformation with the introduction of the Income-tax Act, 2025, which came into force on April 1, 2026, replacing the Income-tax Act, 1961. This significant reform has been further supported by the measures announced in Budget 2026 and the Taxation and Other Laws (Amendment) Bill, 2026. Major Legislative and Structural Changes Introduction of a New Tax Framework: The Income-tax Act, 2025 became effective from April 1, 2026, replacing the earlier framework with simpler wording, more organized provisions, and a unified concept of the “Tax Year.” These changes are intended to make tax rules easier to understand and reduce the scope for prolonged legal disputes. Simplification of Compliance and Forms: The tax compliance process has also been modernized through the introduction of common electronic forms. For instance, the earlier Forms 15G and 15H have been replaced by consolidated digital formats, including Form 121, making it easier for eligible taxpayers to declare income that is subject to little or no tax. Changes in Minimum Alternate Tax (MAT): The MAT rate has been reduced from 15% to 14%. At the same time, the revised framework treats MAT as... https://blog.upsczone.in/post/latest-direct-tax-reform-in-india-2026
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