Key Points
- Tax rates and slabs remain unchanged for FY 2026-27 (Apr 1, 2025 - Mar 31, 2027).
- Income up to ₹12 lakh is effectively tax-free under New Tax Regime 2025.
- New Tax Act 2025 simplifies tax filing, effective April 1, 2026.
The Union Budget 2026, presented by FM maintains the existing income tax slabs but introduces a structural change, the Income Tax Act, 2025. Effective from April 1, 2026. New Tax Act aims to replace the decades-old Income Tax Act 1961, focusing on simplification, reduced litigation, and a single "Tax Year" framework.
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