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News India Live, Digital Desk: Today was a historic day for the Indian economy. Lok Sabha has given its approval to the Central Government’s ‘Finance Bill 2026’ with 32 important amendments. While introducing these amendments, Finance Minister Nirmala Sitharaman made it clear that the main objective of the government is to eliminate ‘tax terrorism’ and simplify the rules for honest taxpayers. With these changes in the country 1 April 2026 The path for the new ‘Income Tax Act 2025’ to be implemented from 2025 has been completely cleared.
Highlights of the amendments: Big relief to taxpayers
The 32 amendments introduced by the Finance Minister focus on three key pillars of simplification, certainty and reduction in litigation:
Now 30 days to respond to the notice: By extending the minimum time limit for responding to tax notices issued under section 148. 30 day Has been done. Earlier this deadline was very short, due to which taxpayers did not get enough time for preparation.
Retrospective Relief: The government has made a provision to prevent lengthy litigation in future by treating tax orders stuck on various technical grounds for years 2019 and 2021 onwards as ‘valid’. This will reduce the burden of thousands of cases pending in the courts.
Relaxation in the requirement of digital signature: If an officer has given administrative approval, the assessment will not be considered invalid merely on the ground of absence of ‘digital signature’ or minor technical deficiency in the form.
What changed for the common man and small traders?
Revised Return deadline extended: Now taxpayers can correct their ITR for the assessment year. 31st March Will be able to till. Only a nominal fee will have to be paid for this. Earlier this deadline used to end on 31st December.
TCS rates cut: TCS rate for overseas tour will be reduced from 5% and 20% directly. 2% Has been done. Apart from this, TCS will now be levied at only 2% on money sent abroad for education and treatment.
Disclosure of Foreign Assets (Amnesty Scheme): A special 6-month scheme has been launched for students, young professionals and NRIs, under which they will be able to disclose their small foreign assets without any penalty.
‘Ease of Doing Business’ for Corporate India
Along with the Finance Bill, the Finance Minister also laid emphasis on ‘Corporate Law (Amendment) Bill 2026’. Under this, small crimes have been ‘decriminalized’. This means that now if there is a mistake in small procedures, there will be no jail but only ‘civil penalty’ (fine). Also, the tax on share buyback will now be treated as ‘capital gains’, which will reduce the tax burden on shareholders.
New Income Tax Act: Farewell to 60 year old law
Nirmala Sitharaman told the House that from April 1, 2026, the old law of 1961 will become history. New ‘Income Tax Act 2025’ Will be in more simple language, with fewer clauses and easier forms. The government aims to make it easier for the taxpayer in future to file returns on his own without the help of a Chartered Accountant (CA).