TaxTMI 
TaxTMI 
Income Tax Act receives President's assent
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....ncome Tax Act receives President's assent<BR>Income Tax<BR>Dated:- 22-8-2025<BR>PTI<BR>New Delhi, Aug 22 (PTI) President Droupadi Murmu has given her assent to the Income-tax Act, 2025, which will rep....
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....lace the archaic Income Tax Act, 1961. The Income Tax Act, 2025, will come into effect from the next financial year, beginning April 1, 2026. The new Act will make tax laws simple and reduce wordage ....
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....in the legislation, making it easy to understand. "The Income-tax Act, 2025, has received the Hon'ble President's assent on August 21, 2025. A landmark reform replacing the 1961 Act, it ushers in a s....
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....impler, transparent & compliance-friendly direct tax regime," the Income Tax department said in a post on X. The Income Tax Bill, 2025, was passed by Parliament on August 12. The new Act does not im....
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....pose any new tax rate and only simplifies the language, which was required for understanding the complex Income Tax laws. The new law removes redundant provisions and archaic language and reduces the....
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.... number of Sections from 819 in the Income Tax Act of 1961 to 536 and the number of chapters from 47 to 23. The number of words had been reduced from 5.12 lakh to 2.6 lakh in the new Income Tax Act, ....
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....and for the first time, it introduces 39 new tables and 40 new formulas, replacing the dense text of the 1961 law to enhance clarity. PTI JD BAL BAL<BR> News - Press release - PIB....