Introduction
November 2026 is a confusing month for Indian taxpayers. Two income tax laws are running at once, the forms have new numbers, the words you knew have changed, and the return deadlines for last year fall in the middle of it. This guide explains the new income tax rules November 2026 in plain language: what actually changed, what stayed the same, and what you need to do before the month ends.
The most important fact first: your tax rates did not change. The Finance Act 2026 left slab rates, surcharge and cess unchanged from the prior year. What changed is the law behind them, the words used, the section numbers, and the form numbers. That is still a big change, because a wrong section number or a wrong form can delay your return, your refund, or your TDS certificate.
That is why this month matters more than most. The November deadlines for last year’s returns fall in the same month as the new forms and the new words, so a taxpayer can easily quote the wrong section or file the wrong form. The sections below take each change in turn: the new Act, the new name Tax Year, the renumbered sections, the new Form 130, and the deadlines to meet before 30 November. Nothing in this guide changes your tax bill. It only helps you use the right names and the right forms at the right time.
The biggest change: a new Income-tax Act from 1 April 2026
From 1 April 2026, India taxes income under the Income-tax Act, 2025. The Income-tax Act, 1961, which governed Indian income tax for over 60 years, stands repealed from that date, subject to savings for earlier years. The government’s stated aim is simplification: no new tax, but shorter law, plainer language, and tables in place of long provisos. The new Act has 536 sections against 819 in the old Act, 16 schedules, 333 rules, and 190 forms, against 511 rules and 399 forms under the old law. Returns for FY 2025-26, which is AY 2026-27, are still filed under the old Act, 1961. TDS and TCS for the current year follow the new Act, 2025. That is why November 2026 runs under two laws at once, and why you need to know which year your paperwork belongs to.
Tax Year replaces Financial Year and Assessment Year
Under the new Act there is only the Tax Year: the 12-month financial year in which income is earned. Tax Year 2026-27 runs from 1 April 2026 to 31 March 2027, and it is the same period that was previously called FY 2026-27 and AY 2027-28. You will still see FY 2026-27 and AY 2027-28 used for the same period in many places, because banks, employers and software are still updating their language. The return for Tax Year 2026-27 will be filed in 2027. For salaried individuals and others without a tax audit, the due date is normally 31 July 2027, and audit cases have a later date. For the current November, the returns being filed are for the old year, AY 2026-27, under the old Act, so do not confuse the two years.
New income tax rules November 2026: the slabs
Budget 2026 kept the slab rates, the rebate and the standard deduction unchanged for Tax Year 2026-27. The new regime slabs for Tax Year 2026-27 are:
| Taxable income | Tax rate |
|---|---|
| Up to Rs 4,00,000 | Nil |
| Rs 4,00,001 to Rs 8,00,000 | 5 percent |
| Rs 8,00,001 to Rs 12,00,000 | 10 percent |
| Rs 12,00,001 to Rs 16,00,000 | 15 percent |
| Rs 16,00,001 to Rs 20,00,000 | 20 percent |
| Rs 20,00,001 to Rs 24,00,000 | 25 percent |
| Above Rs 24,00,000 | 30 percent |
The old regime keeps its familiar 5 percent, 20 percent and 30 percent slabs. A 4 percent health and education cess is added to your tax in both regimes. The new regime is the default. You must opt out to use the old regime, and the new regime is now Section 202 of the Income-tax Act, 2025, where it was Section 115BAC of the old Act.
The Rs 12 lakh rebate and the Rs 12.75 lakh tax-free limit
The most useful rule for salaried Indians has not changed. Under the new regime, resident individuals with taxable income up to Rs 12,00,000 receive a rebate of up to Rs 60,000, which brings the tax to nil. The rebate is now Section 156 of the new Act, where it was Section 87A of the old Act. The standard deduction for salaried individuals and pensioners is Rs 75,000 for Tax Year 2026-27. Put together, a salaried person with salary income of up to about Rs 12.75 lakh typically pays no tax at all. That figure is the single most important number in the new income tax rules November 2026 for most readers, and it is unchanged from last year. If your salary is below Rs 12.75 lakh, your tax is normally zero under the new regime, though you should still file your return if it is required.
New section numbers you need to know
The new Act renumbers the sections everyone knew by heart. The new regime is Section 202, where it was Section 115BAC. The rebate is Section 156, where it was Section 87A. Section 80C deductions are now under Section 123 in the new Act, and other familiar sections have moved as well. The Income Tax Department has published a section-wise mapping on the e-filing portal, and you should check it before you quote a section number in any document. Old section numbers still appear in conversation and in older guides, but they are not the law for Tax Year 2026-27 onwards. If your CA, your employer, or a website quotes Section 87A for this year, they mean Section 156, and it is worth confirming that they know the new number.
New form numbers: Form 130 replaces Form 16
The form numbers have changed too, and this is the change most likely to confuse a salaried employee. Under the Income-tax Rules, 2026, the salary TDS certificate is Form 130, which replaces Form 16 for Tax Year 2026-27 onwards. The certificate is generated through TRACES, as before. The quarterly TDS returns have new numbers as well: Form 138 replaces 24Q for salary, Form 140 replaces 26Q for non-salary payments, Form 144 replaces 27Q for non-residents, and Form 143 replaces 27EQ for TCS. The TDS certificates are Form 131, which replaces 16A, and Form 133, which replaces 27D. If your employer or your bank sends you a form with an old number for the current year, ask them to confirm which form it is, because the old forms belong to the old Act and the old year.
November 2026 due dates you must not miss
November 2026 is one of the heaviest filing months of the year. The key dates, as notified up to 3 November 2026, are:
| Date | What is due | Who it applies to |
|---|---|---|
| 7 November | TDS and TCS deposit for October 2026 | All deductors and collectors |
| 21 November | Income tax return, AY 2026-27 | Companies and businesses needing a tax audit, extended from 31 October |
| 30 November | Income tax return, AY 2026-27 | Businesses that must file a transfer pricing report |
| 30 November | Last date to claim GST input tax credit | All GST taxpayers, for FY 2025-26 invoices |
Three relief measures change the usual dates this November. First, the CBDT has extended the due date for audited taxpayers to 21 November, under CBDT Circular 07/2026, while transfer pricing cases still file by 30 November. Second, the MCA has given fee relief for FY 2025-26, so companies can file AOC-4 by 31 December 2026 and MGT-7 or MGT-7A by 31 January 2027 without additional fees. Third, from 1 November 2026, registered buyers of used cooking oil and specified scrap, including plastic, tyre and metal scrap and e-waste, from registered suppliers must deduct GST TDS. Check the latest notification before you file, because dates and rules can change at short notice.
What has not changed
For all the new numbers and new words, the substance of your tax has not changed. The slabs are the same. The rebate is the same. The standard deduction is the same. The new regime remains the default, and the old regime remains available if you opt out. Deductions such as Section 80C, now Section 123, still work the same way in the old regime, with a limit of Rs 1,50,000. What has changed is the paperwork around those rules, not the rules themselves. That is good news for most taxpayers: you do not need to relearn your tax, but you do need to learn the new names for it.
What you should do this month
If you are a salaried employee, check your salary slip and your TDS. Confirm that your employer is using the new regime as the default, and that your standard deduction of Rs 75,000 is applied. Ask your employer when your Form 130 will be issued, and do not be confused if someone still calls it Form 16. If your income is below Rs 12.75 lakh, confirm that your tax is nil, but file your return if you are required to. If you are a business owner with an audit, your return for AY 2026-27 is due on 21 November, and your transfer pricing return is due on 30 November, so talk to your CA this week, not next week. If you claim GST input tax credit, remember that 30 November is the last date to claim it on FY 2025-26 invoices. And if you pay rent, note one unconfirmed point: commentary suggests the HRA city list may have been widened to include Bengaluru from FY 2026-27, but that position is still unconfirmed, so check the current rule before relying on the 50 percent figure for a Bengaluru rent.
Frequently asked questions
Did Budget 2026 change the income tax slabs?
No. Budget 2026 kept both regimes’ slabs, the standard deduction and the rebate exactly as they were for 2025-26. The main change this year is the new Income-tax Act, 2025, which took effect from 1 April 2026.
What is Tax Year 2026-27?
Tax Year 2026-27 is the 12-month period from 1 April 2026 to 31 March 2027. It replaces the old terms Financial Year and Assessment Year for income earned in that period. Its return will be filed in 2027.
How much salary is tax-free in India in 2026-27?
Under the new regime, a salaried person with salary income of up to about Rs 12.75 lakh typically pays no tax, because of the Rs 75,000 standard deduction and the rebate for taxable income up to Rs 12 lakh.
What replaced Form 16?
Form 130 replaces Form 16 for Tax Year 2026-27 onwards. It is the annual TDS certificate from your employer, generated through TRACES.
When is the income tax return due in November 2026?
For AY 2026-27, audit cases must file by 21 November 2026, extended from 31 October, and transfer pricing cases must file by 30 November 2026. The return for Tax Year 2026-27 will be filed in 2027.
Conclusion
The new income tax rules November 2026 are mostly a change of language, numbers and forms, not a change of tax. The Income-tax Act, 2025 replaced the 1961 Act from 1 April 2026, Tax Year replaced Financial Year and Assessment Year, the rebate moved from Section 87A to Section 156, the new regime moved to Section 202, and Form 130 replaced Form 16. Your slabs, your rebate, and your Rs 12.75 lakh tax-free limit are unchanged. What you need to do this month is simple: check your TDS, learn the new form numbers, and meet the November deadlines, 21 November for audit returns and 30 November for transfer pricing cases and GST input tax credit. This article is general information only, not professional tax advice, so verify the figures with your CA or the official e-filing portal before you act.
