India, Feb. 1 -- Finance minister Nirmala Sitharaman on Sunday presented her ninth consecutive budget on Sunday, unveiling a series of reforms and easing of tax rules for the common taxpayers.

Sitharaman said the Income Tax Act 2025 will be implemented from April 1, adding that the rules and tax returns forms will be notified shortly. The finance minister also announced several reforms to the Income Tax rules and increase the time limit for filing revised tax returns.

The government has also raised the penalty for misreporting income, and made provision to tax capit

Meanwhile, buybacks are set to be taxed as capital gains for all shareholders.

Here are some of the changes and reforms announced in the tax system in Union Budget 2026-20...