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of <h1>Repeal preserves prior income tax law effects: past rights, obligations, proceedings, and transitions into new Act for earlier years</h1> The Act repeals the prior income-tax statute but preserves its past operation and ongoing effects: rights, obligations, orders, elections, options, pending or initiated proceedings (assessments, penalties, appeals, etc.) relating to tax years beginning before 1 April 2026 continue under the repealed law and proceed as before; refunds, defaults and interest after commencement follow the new Act; deductions, credits, carried-forward losses, depreciation, set-offs, exemptions and notified schemes for earlier years are recognized and transitioned into corresponding provisions of the new Act with specified treatment; recovery, penalties and search/requisition proceedings begun earlier continue; references to earlier tax years are construed accordingly and general repeal principles apply.
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