New Income Tax Law From April 1: Key Changes & Deadlines

• India replaces the 60-year-old Income Tax Act, 1961, with the Income-tax Act, 2025, from April 1, 2026.
• A new 'Tax Year' system replaces 'Previous Year' and 'Assessment Year' for simplification.
• PAN usage is expanded, becoming mandatory for transactions like annual cash deposits/withdrawals of Rs 10 lakh+ and property transactions above Rs 20 lakh.
• Late ITR filing now allows TDS refunds, and deadlines for non-audit cases are extended to August 31.
• HRA benefits expand to more cities, and tax-free perquisites like meal and gift allowances are increased.