New Delhi, March 27 -- There are several important changes in the pipeline as we enter the new financial year on 1 April 2026. Several confirmed financial and regulatory changes will come into force across banking, fuel, taxation and travel. These changes will have a direct impact on the day-to-day lives of individual citizens.

Let us discuss them briefly.

The Income Tax Act 2025 will come into effect, replacing the Income Tax Act 1961. The new act will simplify the terminology and replace the slightly confusing 'Assessment Year' (AY) and 'Previous Year' (PY) with a single 'Tax Year'. Along with this, there are a host of changes that will make the code more meaningful.

Under the new tax regime, individuals earning up to Rs.12 lakh annu...