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Major income tax overhaul from April 1 2026 HRA relief ITR deadlines and buyback changes
Economy
Published on 24 April 2026
HRA exemptions expand but filing deadlines also shift
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.
- New Income Tax Act of 2025 replaces the 1961 law
- TDS TCS rules and ITR filing deadlines will be revised
- Buyback taxation gets updated under the new framework
- HRA and meal card benefits are set to expand
Read the full story at The Economic Times
This summarization was done by Beige for a story published on 
The Economic Times