The Economic Times

New I-T Act framework notified; taxpayer relief with stricter compliance from April 1

New Income Tax Act rules are now in effect from April 1. These rules offer relief to taxpayers with increased house rent allowance limits in major cities. Employer-provided benefits like food coupons and cars are also expanded. Stricter disclosure requirements are introduced for businesses and professionals. Auditors and companies face greater responsibility in this compliance-driven regime.