New income tax rules: Simplification, transparency and road ahead
30-03-2026
The new Income Tax Code, set to come into force from April 1 2026, represents an overhaul of India's direct tax framework, replacing the six-decade-old Income Tax Act of 1961 with a modern, streamlined Code. Its primary goal is simplification and modernization: the number of sections has been reduced by approximately 35%, redundant provisions and overlapping language have been eliminated, and complex legal wording has been made clearer and more accessible to ordinary taxpayers.