The Income Tax Act, 2025, will come into force from April 1, replacing the 1961 law. The revenue-neutral legislation simplifies tax rules, reduces litigation, introduces a single tax-year system, and eases compliance through redesigned return forms.
The Income Tax Act, 2025, will come into effect from April 1, replacing the 1961 law. The new legislation simplifies tax provisions, introduces a single 'tax year', and allows refunds even after delayed filings. The overhaul aims to reduce litigation and make tax compliance easier for individuals and corporates.
