New Delhi, March 12 -- The Union Budget 2026 introduced several amendments to the Income Tax Act to simplify compliance and ease procedural burdens for taxpayers. Key changes include a reduction in TCS rates and an extension of the deadline for filing revised income tax returns.

The government has also extended the due dates for filing ITR-3 and ITR-4 for non-audit taxpayers, and announced measures such as a one-time foreign asset disclosure window. These changes take effect on 1 April 2026 and apply to the 2026-27 financial year (FY).

The new Income Tax Act, 2025, officially applies to all taxpayers from 1 April 2026 onwards (FY 2026-27), replacing the existing Income Tax Act, 1961.

However, it is important to note that there have bee...