INCOME TAX ACT 2025 AND RULES 2026 REPLACE OLD FRAME WORK.

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Apr 1, 2026, 6:28:04 AM (8 days ago) Apr 1

to bankpensioner

Just for information:

From April 1, 2026, India’s Income Tax Act 2025 and Rules 2026 replace the old framework.

The new tax regime under Section 115BAC becomes your default.

No action needed to “opt in” — you’re already in it unless you actively opt out.

· Standard deduction stays at ₹75,000 for salaried taxpayers

· “Tax Year” replaces the old Previous Year / Assessment Year terminology

. No major slab rate changes — the rates themselves aren’t the story here

· Tax Year unification: “FY” and “AY” are gone. Everything is now “Tax Year 2026-27.”

If you want the old regime (with HRA, 80C, etc.), you must explicitly opt out before the filing
The new Form No. 121 has replaced the earlier Forms 15G & 15H. Now, both type of taxpayers i.e. tax payers below the age of 60 as well as taxpayers of the age of 60 and above, will use Form No. 121 for submitting declaration in order to avoid relevant income from being subjected to TDS.