New Income Tax System: 8 Major Changes from April 1, 2026, Says CBDT Chairman

• The entire income tax system will undergo 8 major changes starting April 1, 2026, as announced by CBDT Chairman Ravi Agrawal.
• The new system aims to simplify processes, reduce litigation, and increase taxpayer trust, moving beyond just legal language.
• Key changes include significant reduction in litigation by allowing taxpayers to accept declared income at various stages without penalties, and integrating assessment and penalty processes.
• Taxpayers will receive relief through decriminalization of minor errors and a 'nudge' model for compliance, rather than immediate notices.
• A relief window is introduced for minor errors under the Black Money Act for foreign income up to 1 crore and foreign assets up to 5 crore.