Repeal and savings: transitional rules preserve pending proceedings and ensure continuity of assessments under the new tax code. The provision repeals the Income-tax Act, 1961 and the Wealth-tax Act, 1957 while enacting detailed transitional savings that preserve continuation of pending assessments, appeals, notices and proceedings under the repealed Acts where applicable, permit assessment under the new Code for certain returns filed after commencement, regulate initiation and imposition of penalties across timelines, deem prior elections, appointments, orders and specified treaty agreements to continue under corresponding Code provisions, allow recovery of sums under the Code, and continue specified tax deductions and incentives subject to the Code's computation rules and ongoing eligibility.