With the start of the new financial year today, a set of reforms, including key changes to financial regulations, will come into effect.
The Income Tax Act, which has been in place for over six decades, will be replaced by the new Income Tax Act, 2025, starting today. This is designed to simplify the tax system by removing outdated provisions, streamlining complex rules, and making compliance easier for taxpayers.
All digital payment transactions in the country will now be required to meet the two-factor authentication standards, as directed by the Reserve Bank of India.
The revised annual fee for the FASTag pass for the financial year 2026-27 will also come into effect starting today. The revised rules for applying for or updating a Permanent Account Number (PAN) card will also take effect today.
