TaxYear

The Income-tax Act, 2025: How It Will Simplify Compliance and Reduce Litigation

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The Income-tax Act, 2025: How It Will Simplify Compliance and Reduce Litigation

India is set for its biggest tax reform in over 60 years. The Income-tax Act, 2025, which received the President’s assent on August 21, 2025, will come into force from April 1, 2026. This new law will apply to all income earned in the financial year 2026-27 and onwards, completely replacing the Income-tax Act, 1961. … Read more

8 Key Changes in India’s New Income Tax Bill 2026

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8 Key Changes in India’s New Income Tax Bill 2026

The new Income Tax Bill, slated to take effect from April 1, 2026, aims to modernize and simplify India’s tax system. This new legislation introduces several key changes for taxpayers, from filing deadlines to pension and property taxation. Here are the eight crucial updates every ITR filer should be aware of: 1. No Penalty for … Read more