https://www.taxtmi.com/news?id=67038 The Income Tax Act, 2025 is a revenue-neutral replacement of the 1961 Act that halves textual volume, removes obsolete provisions, and consolidates direct tax rules. It replaces the assessment/previous year regime with a single tax year and permits TDS refunds even when returns are filed late without penal charges. Implementation depends on rules and return forms to be notified after the FY27 Budget, which will also supply any rate or substantive amendments to be incorporated into the Act. en-us Sun, 11 Jan 2026 11:16:02 +0530 Sun, 11 Jan 2026 11:16:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=67038 The Income Tax Act, 2025 is a revenue-neutral replacement of the 1961 Act that halves textual volume, removes obsolete provisions, and consolidates direct tax rules. It replaces the assessment/previous year regime with a single tax year and permits TDS refunds even when returns are filed late without penal charges. Implementation depends on rules and return forms to be notified after the FY27 Budget, which will also supply any rate or substantive amendments to be incorporated into the Act. News - Sun, 11 Jan 2026 11:16:02 +0530 https://www.taxtmi.com/news?id=67038