India and Australia implement sweeping tax reforms

India’s new Income Tax Act, effective 1 April 2025, replaces the 1961 law with 536 sections and a single “tax year” concept, eliminating the previous‑year/assessment‑year split. The zero‑tax threshold is raised from ₹5 lakh to ₹12 lakh, the standard deduction for salaried workers increases to ₹75 k and pensioners receive a higher interest‑income deduction.

Australia’s FY27 tax return, due after 1 July 2026, introduces a reduced 15 % marginal rate on income between $18,201 and $45,000, a $1,000 instant work‑related expense deduction (up from $300), and higher Medicare levy thresholds for singles, families and seniors. These changes aim to lower tax liabilities and simplify filing for Australian taxpayers.