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

The over-six-decades-old Income Tax Act will be replaced by the new Income Tax Act, 2025, from tomorrow. It is designed to simplify the tax system by removing outdated provisions, streamlining complex rules and making compliance more straightforward for taxpayers.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 tomorrow 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 tomorrow. The revised rules for applying for or updating a Permanent Account Number PAN card will also come into effect from tomorrow.