NEW DELHI, March 15 -- The New Income Tax Act, 2025, effective April 1, 2026, replaces the 1961 Act. Key changes: PAN for high-value transactions, expanded HRA benefits, higher tax-free perquisites, etc.
The New Income Tax Act, 2025 is set to come into effect from April 1, 2026, replacing the decades-old Income-tax Act, 1961 with a simplified and more streamlined tax framework. The new legislation aims to make tax laws easier to understand by reducing complex provisions, eliminating redundant sections, and reorganising the structure of the law to improve clarity for taxpayers, professionals.
Under the draft rules, PAN will be required for annual cash deposits or withdrawals of Rs 10 lakh or more (aggregate in a financial year). Currently,...