New Income Tax Act from April 1, 2026: 4 Key Changes Affecting Your Finances

• India to implement a new, simplified Income Tax Act from April 1, 2026, replacing the 64-year-old 'Income Tax Act 1961'.
• The confusing 'Previous Year' and 'Assessment Year' will be replaced by a single 'Tax Year' for simpler calculations.
• Tax officials can access social media for 'serious tax evasion' cases only, requiring proper search warrants and legal processes.
• TDS refunds will now be available even for late-filed ITRs, though a late fee will apply (Rs 1,000 for income < Rs 5 lakh, Rs 5,000 for others).
• Profits from Sovereign Gold Bonds (SGB) purchased from the stock market will now be taxed at 12.5%; tax exemption may continue for maturity holdings.