India, April 1 -- The new income tax law and other budgetary provisions, including higher Securities Transaction Tax (STT) on F&O trade and lower TCS on overseas tour packages and LRS remittances for medical and education purposes, will come into effect from April 1.

Also, the Budget announcement of a 20-year tax holiday up to 2047 to any foreign company that procures data centre services in India, and new safe harbour provisions with a higher threshold for software companies will come into effect from Wednesday, with the beginning of the 2026-27 fiscal. The Income-tax Act, 2025, will replace the Income-tax Act, 1961, with effect from April 1, 2026. The new Act aims to present the same tax policy in a more logical, accessible, and reader...