No, there's no 85% tax on your bank transactions—PIB sets the record straight

India Jan 01, 2026

Heard about that viral post claiming you'll be hit with an 85% tax if you move over ₹10 lakh in your bank account? Not true.
PIB Fact Check just called it out, reminding everyone that income tax is only charged on what you earn—not what you transfer or deposit.
They're urging folks to double-check facts before sharing so no one gets confused about how taxes actually work.

What's really changing with taxes in 2026?

From April 1, 2026, India's new Income Tax Act kicks in. If you make up to ₹12 lakh a year, there's still no income tax for you.
The new system also keeps things simple: incomes between ₹4-8 lakh get taxed at 5%, and anything above ₹24 lakh is taxed at 30%.
No more complicated exemptions or deductions—just straightforward rates.