<h1>Shift from assessment year to tax year for computing income and applying tax rates; consolidates definitions, streamlines exemptions.</h1> The Bill replaces 'previous year' and discontinues 'assessment year' by introducing 'tax year' as the period for computing total income and applying rates of tax, thereby aligning charging provisions and making assessments and rate applicability refer to the tax year. Definitions have been consolidated in section 2 and language simplified, resulting in reduced cross-references and clearer statutory meaning, thereby improving interpretability and compliance. Provisions for registered non-profit organisations are recast into a single Part with a uniform 'registration' concept, centralising taxability rules and preserving existing registrations so eligible entities retain benefits. Exemptions in section 10 are reorganised into six schedules with redundancies removed, thereby streamlining claim conditions and procedural application. Numerous chapters (PGBP, TDS/TCS, assessment, returns, interest, etc.) are redrafted for structural simplification without substantive policy changes, thereby retaining existing tax incidence while improving readability and procedural clarity.