From April 1, 2026, India will move to a new Income Tax Act replacing the 1961 law, bringing updated TDS/TCS norms, revised ITR filing deadlines, and fresh rules for buyback taxation. The changes also expand HRA exemptions and increase meal card tax benefits, aiming to simplify compliance while altering how many taxpayers plan year-end paperwork.
The Income Tax Department has rolled out TRACES 2.0, a revamped portal that replaces the older system with a more user-friendly interface for TDS compliance. It centralizes Form 26AS, AIS, and TDS certificates under a single “Tax Year” concept, making reporting easier for deductors and helping other stakeholders access information. Property buyers can’t deposit TDS here, but can still use the platform’s features.
Your news, in seconds
Get the Beige app — every story in 60 words, updated hourly. Free on iOS & Android.
Swipe through stories, personalise your feed, and save articles for later — all on the app.
