Presenting Union Budget 2026, Finance Minister Nirmala Sitharaman said the New Income Tax Act will come into effect from April 1, 2026. She said, "I propose to stagger the timelines for filing tax returns. Individuals filing ITR-1 and ITR-2 will continue to file till 31st July." "Non-audit business cases and trusts will be allowed time till 31st August," she added.