Budget 2026: New Income Tax Act to Simplify Tax System, No Slab Changes Now
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News18•01-02-2026, 12:19
Budget 2026: New Income Tax Act to Simplify Tax System, No Slab Changes Now
- •Union Finance Minister Nirmala Sitharaman announced a new Income Tax Act 2025, effective April 2026, to simplify the tax system.
- •No changes were made to the existing income tax slabs in the current budget.
- •Income from share buybacks will now be subject to capital gains tax for all shareholders.
- •Penalties introduced for non-disclosure of assets (other than immovable property) and 100% tax penalty for misreporting.
- •TDS mandatory on property sales by NRIs; 6-month window for small taxpayers to declare foreign assets.
Why It Matters: A new Income Tax Act 2025 will be implemented from April 2026 to simplify the tax system.
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