India's new financial year brings sweeping tax reforms. The Income Tax Act 2025 replaces a 65-year-old framework starting April 1, 2026, introducing simplified language and eliminating archaic provisions. Tax slab rates remain unchanged for salaried workers and businesses. However, employees should note that new wage code requirements mandate at least 50% of salary as basic pay, increasing provident fund contributions and potentially reducing take-home amounts. Key administrative changes include Form 130 replacing Form 16 as the TDS certificate, and revised terminology consolidating Assessment Year and Financial Year into Tax Year. Banks are also implementing new charges, with HDFC Bank now levying twenty-three rupees per transaction on UPI cash withdrawals after five free attempts.
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