Mumbai outreach prepares professionals for Income Tax Act 2025
Mumbai just hosted a big outreach event to help everyone get ready for the new Income Tax Act, 2025.
Over 700 tax professionals and industry representatives showed up as part of the nationwide Prarambh 2026 drive.
Principal Chief Commissioner Alok Kumar summed it up: the new law is all about making taxes simpler and more transparent, thanks to digital upgrades.
Tax slabs unchanged, allowances increased
Starting April 1, 2026, tax slabs stay the same, but perks get better.
Education allowances for children jump from ₹100 to ₹3,000 per child per month; hostel expense limits rise from ₹300 to ₹9,000 per child per month (for up to two children).
Employer meal exemptions go up to ₹200 per meal, and The employer-gift exemption is proposed to rise to ₹15,000 per year.
Form 16 replaced by Form 130
Form 16 is being swapped for a system-generated Form 130 to standardize reporting.
These changes are meant to keep things fair with inflation and make compliance smoother for everyone.