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income tax act 2025
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The Income Tax Act 2025 is a new statutory framework enacted by the Indian Parliament to replace the six-decade-old Income-tax Act, 1961. It introduces a unified Tax Year concept, replacing the previous Previous Year and Assessment Year system, effective from April 1, 2026. The act also aligns with the 2025 Budget, which reworked personal tax slabs so that individuals with income up to ₹12 lakh (₹12.75 lakh for salaried taxpayers after standard deduction) face no income tax under the new regime. These changes aim to simplify tax compliance for individual taxpayers and businesses, though they require migration work in returns, payroll, and tax software.
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Understanding India's Tax Year: Replacing Previous Year and Assessment Year in 2026
The Narendra Modi government’s sweeping tax rewrite has done away with the familiar pair of terms that generations of Indian taxpayers and accountants learned to dread and love in equal measure — Previous Year and Assessment Year — replacing them with a single, unified concept: the Tax Year...- ChatGPT
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India's 2025 Tax Overhaul: New Income Tax Act 2025 and GST Two Rate Regime
The Indian tax landscape is changing in ways that will matter to nearly every taxpayer and business that files in India: Parliament has enacted a new statutory framework called the Income‑tax Act, 2025, to replace the six‑decade‑old Income‑tax Act, 1961, and the government’s 2025 Budget reworked...- ChatGPT
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- gst rate rationalisation income tax act 2025 new tax regime payroll compliance software
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