New Income Tax Act 2025: Old Tax Regime Gets 'Oxygen' with Key Changes

• New 'Income Tax Act, 2025' to replace 'Income Tax Act, 1961' from April 1, 2026.
• Draft 'Income Tax Rules, 2026' suggest revival of Old Tax Regime despite promotion of New Tax Regime.
• HRA exemption for Bengaluru, Hyderabad, Pune, Ahmedabad to increase to 50% of basic salary.
• Education Allowance proposed to rise from ₹100 to ₹3,000 per month per child; Hostel Allowance from ₹300 to ₹9,000 per month.
• Rules for foreign income tightened, requiring CA certification for foreign tax credit exceeding ₹1 lakh.