New Simplified Income Tax Act, 2025, To Replace 1961 Law From April 1

The Income Tax Act, 2025, replacing the 1961 law, will come into effect from April 1. It simplifies direct tax provisions, halves sections, removes ambiguities, and introduces a single “tax year” system. Revenue neutrality is maintained, while TDS refunds post-deadline are allowed. Budget 2026-27 changes will be incorporated, aiming to reduce litigation.