https://www.taxtmi.com/news?id=53336 The Income tax Act, 2025 has received presidential assent and will replace the 1961 Act from the next financial year. The new statute simplifies and consolidates direct tax law without changing tax rates, removes redundant and archaic provisions, significantly reduces the number of sections, chapters and overall wordage, and introduces tables and formulas to replace dense textual rules and enhance clarity and compliance. en-us Fri, 22 Aug 2025 19:16:03 +0530 Fri, 22 Aug 2025 19:16:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=53336 The Income tax Act, 2025 has received presidential assent and will replace the 1961 Act from the next financial year. The new statute simplifies and consolidates direct tax law without changing tax rates, removes redundant and archaic provisions, significantly reduces the number of sections, chapters and overall wordage, and introduces tables and formulas to replace dense textual rules and enhance clarity and compliance. News - Fri, 22 Aug 2025 19:16:03 +0530 https://www.taxtmi.com/news?id=53336