New Income Tax Act from April 2026; FM Simplifies Returns, Targets Undisclosed Income

• A new Income Tax Act will be implemented starting April 1, 2026.
• The Finance Minister announced proposals concerning undisclosed income up to 1 crore.
• Income tax forms are set to be simplified to ease the filing process.
• Taxpayers will be able to file their returns until July 31.

Why It Matters: A new Income Tax Act and simplified forms are coming by April 2026, with a focus on undisclosed income.