Article

India's Union Budget 2026 introduces a comprehensive overhaul of the Income Tax framework, replacing the 1961 law with the Income Tax Act, 2025, effective April 1, 2026. Key reforms include simplified compliance rules, reduced Minimum Alternate Tax to 14%, and new regulations for share buybacks and tax audits, alongside extended deadlines for income tax returns. Additional measures aim to streamline deductions and disclosures, while penalties for technical offences are reduced to facilitate easier litigation.