New Financial Year Brings Major Changes in Tax, Railways and Digital Payments

Brief By Newsbrief / 11:59 AM on 01 Apr 2026

From April 1, 2026, several major policy changes have come into effect across India, impacting taxation, transportation, and digital payments. The government has introduced a simplified ‘tax year’ system, replacing the earlier financial and assessment year structure, aiming to streamline tax filing. Additionally, deadlines for filing ITR-3 and ITR-4 have been extended to August 31, offering relief to small businesses and professionals.

On highways, FASTag annual pass charges have been increased, and cash payments at toll plazas have been discontinued, making digital payment mandatory. The railways have revised ticket cancellation rules, tightening refund timelines while allowing more flexibility in changing boarding points.

In banking, stricter norms have been introduced, including mandatory two-factor authentication for digital transactions. PAN card regulations have also been tightened to curb fraud. These changes signal a shift toward a more digitized, secure, and compliance-driven economic system.