Income Tax Changes Kick In Today: What It Means For Your Take-Home Pay

• New Income Tax framework effective April 1, 2026, impacting salaried employees, especially those in the old tax regime.
• Higher exemptions for children's education, hostel, and HRA in select cities; increased tax-free limits for meal cards and corporate gift cards.
• Corporate loans below Rs 2 lakh and for medical emergencies remain tax-exempt; higher tax on employer-provided cars.
• Increased Securities Transaction Tax (STT) on equity derivatives and buybacks now taxed as capital gains.
• Changes in TCS rates for alcoholic beverages, overseas tour packages, and LRS remittances; new labour codes may reduce take-home pay due to higher PF contributions.