Union Budget 2026: Income Tax filing to become easier; New IT Act to come into effect from 1 April
Finance Minister Nirmala Sitharaman, in Union Budget 2026-27, announced a new IT Act effective from April 1, 2026, aimed at simplifying tax compliance. Key reforms include minor tax offenses payable via penalties, foreign assets under ₹20 lakh not required to be disclosed, revised returns filing by July 31, and reduced litigation.