Change is in the air with new Income-Tax Act from April 1

THE COMING FINANCIAL year is expected to mark a significant shift in India's income tax framework with the introduction of Income-tax Act 2025 and the proposed Income-tax Rules 2026, scheduled to take effect from April 1, 2026.

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For individual taxpayers, particularly salaried employees, the new framework is likely to influence how deductions and exemptions are claimed, the documentation that needs to be maintained, and the overall compliance process associated with filing income tax returns.

Perquisites by employers

The draft rules update the valuation framework for certain perquisites provided by employers, including employer-provided cars, interest-free or concessional loans, and other facilities.