Income Tax Act

The Income Tax Bill, 2025, tabled in Parliament on August 11, marks a historic overhaul of India’s direct tax system, replacing the six-decade-old 1961 Act. With a streamlined structure, simpler language, and taxpayer-friendly provisions like the unified “Tax Year” concept, extended home loan interest deductions, and faster TDS refunds, the Bill promises to make compliance easier and reduce disputes. If passed, it will take effect from April 1, 2026, ushering in a new era of clarity and efficiency in taxation.