With the start of the new financial year today, a set of reforms, including key financial rules changes, will come into force.

Over six decades old Income tax Act will be replaced by the new Income Tax Act, 2025 from today.

It is designed to simplify the tax system by removing outdated provisions, streamlining complex rules and making compliance more straightforward for taxpayers.

All digital payment transactions in the country will be required to meet the norms of two-factor authentication from today, as directed by the Reserve Bank of India.

The revised FASTag annual pass fee for the financial year 2026-27 will also be in force from today. The revised rules for applying for or updating a Permanent Account Number PAN card will also come into effect from today.