Income tax rate and deduction framework revised, new 80C ceiling and dematerialised TDS/TCS operationalised for direct taxes and procedural TDS reforms. The Act revises income tax rates, surcharge application and a two percent Education Cess, consolidates and caps certain savings deductions under a new deduction framework, withdraws selected standard salary and rebate benefits, restores and extends targeted exemptions and incentives, modifies depreciation and R&D weighted deductions, adjusts withholding rates for specified cross border payments, reforms TDS/TCS dematerialisation with transitional paper requirements, mandates quarterly electronic reporting for small interest payments with penalties for non compliance, rationalises assessment timelines in search and seizure cases, and increases securities transaction tax rates.