New Delhi, March 31 -- A simpler income tax law will come into force from 1 April, along with other changes announced in this year's Budget including higher benefit of deductions for salaried tax payers and a new buyback taxation scheme.

The new tax regime modifies the return filing timeline in certain cases and rationalises penalties while looking to reduce complexity and encourage voluntary compliance.

Mint takes a closer look at the changes that will kick in on Wednesday.

The changes proposed through Finance Act of 2026, signed off by President Droupadi Murmu on Monday, include the rationalisation of certain penalties, greater leeway to update tax returns and disclose previously unreported foreign assets and income below a limit, ch...