https://www.taxtmi.com/acts?id=48981 Clause 536 repeals the Income tax Act, 1961 and prescribes savings and transitional rules: past operations, rights, liabilities, elections and pending proceedings for tax years beginning before 1 April 2026 continue and are to be carried out under the repealed Act; penalty and pending proceedings may be pursued as if repeal had not occurred; specified credits, brought forward losses, allowances, deductions and other tax attributes are to be carried forward, deemed or adjusted under corresponding provisions of the new Act; instruments made under the repealed Act remain effective if not inconsistent; recovery and certain search/requisition proceedings remain governed by the repealed Act; General Clauses Act section 6 applies. en-us Fri, 14 Feb 2025 14:44:57 +0530 Wed, 17 Sep 2025 17:29:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=48981 Clause 536 repeals the Income tax Act, 1961 and prescribes savings and transitional rules: past operations, rights, liabilities, elections and pending proceedings for tax years beginning before 1 April 2026 continue and are to be carried out under the repealed Act; penalty and pending proceedings may be pursued as if repeal had not occurred; specified credits, brought forward losses, allowances, deductions and other tax attributes are to be carried forward, deemed or adjusted under corresponding provisions of the new Act; instruments made under the repealed Act remain effective if not inconsistent; recovery and certain search/requisition proceedings remain governed by the repealed Act; General Clauses Act section 6 applies. Act-Rules Bills Fri, 14 Feb 2025 14:44:57 +0530 https://www.taxtmi.com/acts?id=48981