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New ITR Deadlines, STT Hike, Revised Return Window Extended: Know Key Income Tax Changes From April 1
New ITR Deadlines, STT Hike, Revised Return Window Extended: Know Key Income Tax Changes From April 1
Income Tax Changes From April 1, 2026: Several key changes in India’s direct tax framework will come into effect from April 1, 2026, with the Income-tax Act, 2025, replacing the six-decade-old Income-tax Act, 1961. The new law introduces simplified language and the proposals announced in the Union Budget 2026 will remain the same.
Tax experts say the changes aim to simplify compliance, rationalise timelines and modify certain tax provisions affecting investors, businesses and individuals.
“The Income-tax Act, 2025 introduces structural, conceptual and procedural changes across the direct tax framework," chartered accountant Suresh Surana said.
One of the key changes under the Income-tax Act, 2025, is the introduction of the concept of a ‘Tax Year’, which will replace the earlier distinction between the ‘previous year’ and the ‘assessment year’ under the Income-tax Act, 1961. According to Surana, this move is intended to simplify the tax framework by aligning the period of income earning and taxation under a single terminology.
Under the new Act, the existing income tax slab rates for individuals under both the old and the concessional tax regime will remain unchanged, ensuring continuity in the personal tax burden.
Another important change relates to the revision of due dates for filing income tax returns. The government has proposed extending the deadline for taxpayers engaged in business or profession whose accounts are not subject to audit, as well as partners of such firms and certain trusts.
Under the revised structure, the due date for these taxpayers will be extended from July 31 to August 31. However, individuals filing simple returns such as ITR-1 and ITR-2 will continue to have a July 31 deadline.
The revised due date framework will broadly be as follows: November 30 for assessees covered under special provisions such as Section 172 cases; October 31 for companies and taxpayers whose accounts require audit; August 31 for business or professional taxpayers not requiring audit; and July 31 for all other taxpayers.
These amendments will apply from Tax Year 2026-27 under the Income-tax Act, 2025, while similar provisions will also take effect from March 1, 2026 under the existing law for Assessment Year 2026-27.
The new law will also extend the time limit for filing a revised return. Currently, taxpayers can revise their return within nine months from the end of the relevant tax year or before completion of assessment, whichever is earlier. The new framework proposes extending this limit to 12 months from the end of the tax year.
However, a fee will apply if the revised return is filed after nine months. A fee of Rs 1,000 will be payable where total income does not exceed Rs 5 lakh, while Rs 5,000 will apply where income exceeds Rs 5 lakh.
The government has also proposed an increase in Securities Transaction Tax (STT) rates, citing rapid growth in derivatives trading and rising speculative activity in the futures and options segment.
Under the revised structure effective April 1, 2026, the STT rate on sale of options will increase from 0.10% to 0.15%, while the tax on sale of options where the contract is exercised will rise from 0.125% to 0.15%. The STT on sale of futures will increase from 0.02% to 0.05%.
Another set of changes involves rationalisation of Tax Collected at Source (TCS) rates on certain transactions. According to Surana, the objective is to simplify the levy and align it with evolving economic and compliance considerations.
The TCS rate on sale of alcoholic liquor for human consumption will increase from 1% to 2%, while tendu leaves will see a reduction from 5% to 2%. The TCS rate on sale of scrap and minerals such as coal, lignite and iron ore will rise from 1% to 2%.
For remittances under the Liberalised Remittance Scheme (LRS) exceeding Rs 10 lakh for education or medical treatment, the rate will be reduced from 5% to 2%. However, remittances for other purposes will continue to attract 20% TCS.
In the case of overseas tour packages, the current structure of 5% TCS up to Rs 10 lakh and 20% above that threshold will be replaced by a uniform 2% rate.
Importantly, TCS on sale of motor vehicles and other luxury goods will continue at 1%, Surana noted.
The new tax law also expands the scope of exemption for home-to-office commuting benefits provided by employers. Earlier, the value of a vehicle provided by an employer for commuting between residence and workplace was not treated as a taxable perquisite.
Under the Income-tax Act, 2025, the exemption will also cover any commuting expenditure incurred or reimbursed by the employer, thereby widening the scope of the benefit.
Another major change relates to taxation of share buybacks. Currently, the amount received by shareholders in a buyback is treated as dividend income, while the cost of acquisition of the extinguished shares is recognised as a capital loss.
The proposed amendment will instead treat buyback consideration as capital gains income. According to Surana, the change could result in higher effective tax liability for promoters, with an effective tax incidence of about 30%, while promoter companies may face a tax rate of 22%, excluding surcharge and cess.
The new law also proposes a tightening of rules for deducting interest expenses against dividend and mutual fund income.
Under the earlier law, taxpayers could claim a deduction of interest expenditure up to 20% of such income. However, the Income-tax Act, 2025 proposes to fully disallow interest deductions incurred for earning dividend income or income from mutual funds.
Surana said the change may increase taxable income for investors deriving passive income from dividends or mutual funds, although interest expenditure incurred for earning other taxable interest income will continue to remain deductible under general provisions.
Overall, the new tax law represents one of the most significant overhauls of India’s direct tax framework in decades, with the changes set to take effect from April 1, 2026.
Source: News18
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