Major financial overhaul begins April 1, 2026. India's new Income Tax Act replaces the 61-year-old legislation, simplifying tax terminology and introducing significant changes for taxpayers. Individuals earning up to twelve lakh rupees annually will pay zero tax under increased rebate provisions. TDS forms are being replaced with new documentation requirements, while PAN card rules tighten with stricter proof requirements. Banking sector sees increased ATM withdrawal charges and reduced debit card limits across major institutions. Fuel prices including LPG, CNG, PNG and aviation turbine fuel face revisions due to geopolitical factors. These comprehensive changes will directly impact daily finances, taxation, transportation costs and banking operations for millions of citizens entering the new financial year.
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