New Delhi: As the new financial year begins on April 1, 2026, several significant financial and regulatory changes are set to come into effect, directly influencing the daily lives of individuals across India, reported LiveMint.
1. New Income Tax Law
One of the most notable developments is the implementation of the new Income Tax Act, 2025, which will replace the decades-old 1961 law. The updated framework introduces simplified terminology, including the replacement of “assessment year” and “previous year” with a single “tax year.”
2. Tax Rebate Benefit
In a major relief for taxpayers, individuals earning up to ₹12 lakh annually under the new tax regime may not have to pay income tax due to an enhanced rebate under Section 87A.
3. Change in TDS Forms
Additionally, tax documentation norms will change, with Form 16 and Form 16A being replaced by Form 130 and Form 131, respectively aimed at streamlining compliance.
4. Change in PAN Card Rules
PAN card rules are also set to become stricter. Aadhaar alone will no longer suffice as proof of date of birth, with documents such as passports or Class 10 certificates becoming mandatory for applications.
5. LPG Prices to be Revised
Fuel prices, including LPG, CNG, PNG and aviation turbine fuel, are expected to be revised, potentially impacting household expenses and travel costs.
6. ATM Withdrawal Charges to be Increased
Banking services will also see changes, particularly in ATM usage. Customers exceeding free transaction limits may face higher charges, while some banks are reducing daily withdrawal limits on debit cards.
7. Stricter Train Ticket Cancellation Rules
In the travel sector, Indian Railways will introduce stricter ticket cancellation rules.
- If cancelled between 8 and 24 hours before departure, 50% refund.
- If cancelled between 24 and 72 hours, 25% deduction.
- If cancelled more than 72 hours before departure, maximum cancellation charge applies, not a full refund.
The refund in such cases depends on Indian Railways’ terms and conditions, which are subject to change.
Also Read: Bank Holidays In April 2026: Check Full List
