BIGGEST Tax Reform in 63 Years: India Set to Revolutionize Income Tax Laws from April 1, 2026! – All You Need to Know

Overview

India is embarking on its most significant income tax reform in over six decades, replacing the Income Tax Act of 1961 with a new, simpler law effective April 1, 2026. This comprehensive overhaul aims to drastically simplify taxpayer compliance, introduce streamlined ITR forms, clarify the 'Tax Year' concept, and reduce disputes, making the tax filing process more transparent and less burdensome for individuals and businesses alike.