Several important income tax changes are scheduled to go into effect on April 1, 2026, providing taxpayers with a combination of relief and increased compliance requirements. However, it's important to note that these new tax rules, 2026 are applicable from Tax Year 2026-27 onwards. As for AY 2026-27 (FY 2025-26), income tax return (ITR) needs to be filed on or before July 31, 2026 by following the old tax rules, 1962 and old tax act, 1961. For Tax Year 2026-27 i.e. from April 1, 2026 new rules like revised TDS and TCS provisions to changes in return filing timelines, buyback taxation, and new reporting formats, the updates will have a direct impact on tax planning and compliance for Tax Year 2026-27.