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New Delhi: If you pay taxes or are planning to buy a new car in the coming days, then this news is very important for you. New Income Tax Rules have come into effect in the country from April 1, 2026. The government has simplified many complex processes, giving great relief to taxpayers. Now you will get freedom from old paper hassles and will also get a lot of time for tax planning.

Big discount in ITR filing and revision

According to the new rules, now taxpayers will get 4 years to update their ITR. This is like a boon for those people who earlier were not able to update their information due to lack of time. Apart from this, if you have made any mistake in filing the return, then you have been given time till March next year to correct it (revision). At the same time, the deadline for traders and business class has been fixed till August.

Buying a car became easier, PAN card conditions changed

Now you will not need to show PAN card on every small and big purchase. Under the new changes, now it will be necessary to provide PAN card information only if you are buying a vehicle (like a car) worth more than Rs 5 lakh. Along with this, if you are doing cash transaction of more than Rs 10 lakh, then only you will have to provide PAN card compulsorily. This step has brought great relief to the common man and middle class buyers.

TDS process simplified

The government has also made major changes in the TDS rules. Small transactions have now been made easier so that taxpayers do not have to face the problem of frequent tax deductions. Expert CA Mishra says that these changes will prove to be “a big relief for taxpayers”. Now people will be able to do their tax planning in a better way. If you are also going to make any big investment or purchase this year, then start your planning keeping these new rules in mind.