India, Feb. 1 -- Finance Minister Nirmala Sitharaman on Sunday announced a slew of tax-related changes and proposals in the Union Budget, and also left some provisions and measures at status quo.

While some of these proposals were aimed at providing relief to common taxpayers and simplifying compliance, others like the STT hike will reduce net profits for active traders.

Finance Minister Sitharaman, during her Budget speech, said the Income Tax Act, 2025 will come into effect from April 1, adding that rules and tax returns forms will be notified accordingly.

The new act will replace the six-decade old tax law, with changes introduced in the tax laws in 2026-27 Budget to be included in the new legislation.

"This (direct tax code) was c...