There was no major announcement regarding income tax in the budget. However, the date for filing the revised return was extended from December 31 to March 31. At the same time, sending foreign currency will now be taxed at 2% instead of 5%.

Here are 6 tax changes:

1. New Income Tax Act from April 1: The Central Government will bring the new Income Tax Act 2025 by replacing the old Income Tax Act 1961. It will come into effect from April 1, 2026. There is no change in tax rates or slabs, it will only simplify the process of filing tax returns.

2. Less tax on sending money abroad: Sending money abroad for studies and treatment will now attract less tax collection at source (TCS). The government has decided to reduce it from 5% to 2%. The TCS rate of 5% and 20% on foreign tour packages has been reduced to 2%.

3. No application required for TDS deduction: There will be no need to provide a separate application for not deducting tax deduction at source (TDS). According to the rules, if you do not have income tax, then your TDS will not be deducted. At present, it required submission of Form 15G (for those below 60 years of age) or Form 15H (for senior citizens).

4. Revised returns will be able to file till March 31: The last date for correction in Income Tax Return (ITR) has been extended. Now revised returns can be filed by March 31 instead of December 31 by paying a nominal fee.

5. Futures-options trading expensive: The government has increased the Securities Transaction Tax (STT) on futures trading from 0.02% to 0.05%. The STT on options has also been increased to 0.15%. It will be expensive to trade.

6. Sovereign Gold Bonds will be taxed: Sovereign Gold Bonds (SGBs) purchased from the secondary market will no longer be exempt from capital gains tax. This means that only those investors who bought bonds from the RBI and held them for the entire period will get the benefit of being tax-free.

Earlier, the benefit that investors had, other than the interest on SGBs, was tax-free on maturity (8 years), whether they bought the bonds from the RBI or later took them from the secondary market (stock exchange).

If you choose the old tax regime, your income up to Rs 2.5 lakh will still be tax-free. However, under Section 87A of the Income Tax Act, you can save tax on income up to Rs 5 lakh.