New Delhi, Feb 01: Finance Minister Nirmala Sitharaman announced that the Income Tax Act 2025 will be effective from April 1, 2026, with redesigned I-T forms for easier compliance.
Key reliefs include exemptions on insurance interest awards, nil deduction certificates for small taxpayers, and an extended ITR filing deadline for non-audit cases to August 31.
The TCS rate for overseas tour packages and education payments will be reduced to 2%. Additionally, TDS on manpower services will be clarified, and a tax holiday for foreign cloud companies operating data centres in India will be available until 2047.
