https://www.taxtmi.com/news?id=71702 The Income-tax Act, 2025 replaces the Income-tax Act, 1961 as a streamlined and modernised code, while preserving the underlying tax policy, continuity of pending matters, and the existing compliance architecture. The new Act substitutes the concept of Assessment Year with Tax Year, applies prospectively from 1 April 2026, and continues the old Act for tax years beginning before that date. Transitional provisions preserve rights, liabilities, pending proceedings, tax payments, return filing, reassessment, appeals, deductions, and losses under the repealed Act, while the new Act reorganises forms, withholding provisions, and compliance statements in simplified and consolidated form. en-us Tue, 24 Mar 2026 15:43:43 +0530 Tue, 24 Mar 2026 16:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=71702 The Income-tax Act, 2025 replaces the Income-tax Act, 1961 as a streamlined and modernised code, while preserving the underlying tax policy, continuity of pending matters, and the existing compliance architecture. The new Act substitutes the concept of Assessment Year with Tax Year, applies prospectively from 1 April 2026, and continues the old Act for tax years beginning before that date. Transitional provisions preserve rights, liabilities, pending proceedings, tax payments, return filing, reassessment, appeals, deductions, and losses under the repealed Act, while the new Act reorganises forms, withholding provisions, and compliance statements in simplified and consolidated form. News - Tue, 24 Mar 2026 15:43:43 +0530 https://www.taxtmi.com/news?id=71702