The petition questioned provisions under the existing Income Tax Act, 1961, and the corresponding framework under the Income Tax Act, 2025, which is scheduled to come into force from April 1, 2026
The forms have been redesigned to make them simpler for citizens to understand and comply with, she said.
Under the new rules, all buybacks will be taxed as capital gains, with corporate promoters required to pay an effective rate of 22 percent and non-corporate promoters facing 30 per cent, Sitharaman said in her union Budget 2026‑27 presented in Parliament.
