Among the key developments, the Income Tax Act, 2025 has replaced the earlier income tax law that had been in force for more than six decades. File Photo.
The new legislation has been introduced with the objective of simplifying the tax system and easing compliance.
From April 1: India Rolls Out New Income Tax Law, 2FA for Digital Payments, FASTag and PAN Rules
New Delhi, April 1: Several financial and regulatory changes have taken effect across the country with the start of the new financial year from April 1, impacting taxation, digital transactions and transport-related processes.
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Among the key developments, the Income Tax Act, 2025 has replaced the earlier income tax law that had been in force for more than six decades. The new legislation has been introduced with the objective of simplifying the tax system and easing compliance.
Key updates that have come into force from April 1 include:
- A new income tax framework under the Income Tax Act, 2025 has been implemented.
- Two-factor authentication is now compulsory for all digital payment transactions, as mandated by the Reserve Bank of India.
- Revised FASTag annual pass charges for the financial year 2026-27 are now applicable.
- Updated rules for applying for and modifying Permanent Account Number (PAN) cards have taken effect.
These changes have been introduced with the commencement of the new financial year.
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