New Income Tax Rules to be Implemented April 1st, Major Relief for Businesses

Income Tax New Rules: If you are a businessman or taxpayer, this news may be very important for you. The government has made changes to the Income Tax rules. In the 2026 financial year budget, the government took major steps towards simplifying and making the tax system transparent. The new Income Tax Act, which will come into effect on April 1st, will not only eliminate old rules but will also create a conducive environment for taxpayers, paving the way for business.

A seminar on the Financial Budget 2026 was organized by the Institute of Chartered Accountants of India in a banquet hall on Fatehabad Road. The program was inaugurated by Central Region Chairman Ankur Gupta and Branch President CA Gaurav Singhal.

Key Changes Related to GST

In the seminar, experts discussed in detail the new Income Tax Act and key changes related to GST. Key speaker CA Vinod Gupta said that the objective of the new Income Tax Act is to curb tax evasion and provide relief to honest taxpayers. He explained that the tax rate on undisclosed income has been reduced to 30 percent. TDS and TCS rules have been simplified and made more flexible than before. Penalty provisions have also been eased to ease compliance.

Businesses will get relief

Speaking on the GST changes, CA Nikhil Gupta said that simplifying the return filing process will provide relief to small and medium-sized businesses. Clarification in input tax credit rules will reduce disputes. Steps have been taken to make the refund system completely digital and faster, which will directly benefit exporters. He also stated that the e-invoicing system is being further strengthened, which will curb fraudulent billing.

Shiva-Parvati tableau presented

Following the seminar, the Agra branch’s annual festival was also celebrated. On the occasion of Mahashivratri, a Shiva-Parvati tableau was presented, which attracted the attention of the audience. Chartered accountants also gave cultural performances at the event. Finally, the associate members were honored with mementos. Present on the occasion were CA Saurabh Narayan Saxena, Karan Panjwani, Ayush Goyal, Sachin Bubna, Sakshi Jain, Ajay Jain, and Vijay Bhargava, among others.