New I-T rules, forms by March; Income Tax Act to take effect from April 1, 2026

While income tax returns under the new Act will be filed by taxpayers in July 2027, under the new rules the forms, including advance tax and tax deduction at source, will come into force by April 1, 2026. The new rules, which overhaul employee perquisite valuation, will be applicable to salaried taxpayers under both the old and the new tax regimes.