New Income Tax Law From April 1
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26 Mar 2026
The government says tax rates and slabs remain unchanged, but reporting and compliance rules become stricter
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Meal benefit exemption rises to Rs 200 per meal, increasing potential annual tax-free allowance significantly
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Employees can now claim over Rs 1 lakh yearly tax exemption through structured meal benefits
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HRA exemption at 50 percent now includes Bengaluru, Hyderabad, Pune, and Ahmedabad alongside metro cities
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Claiming HRA requires mandatory landlord disclosure through Form 124, reducing chances of false rent claims
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Form 16 will be replaced by Form 130, offering system-generated and more detailed salary reporting
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Income tax returns will be pre-filled and auto-validated, improving accuracy but increasing dependency on employer filings
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PAN usage expands across high-value transactions, strengthening tracking and compliance under the updated tax framework
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The new law emphasises digital compliance, faceless assessments, and simplified structure with fewer sections overall
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