In Budget 2026, the government has made major changes in the Income Tax Law. Now if a taxpayer makes a mistake related to income tax or is found to have made a mistake in the tax, then there will be no direct jail sentence. In such cases, the matter can be settled only by paying the fine. Finance Minister Nirmala Sitharaman announced that the new Income Tax Act will come into force from April 1, 2026. Its objective is to simplify the tax process, provide relief on technical mistakes and reduce unnecessary litigation.
