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of <h1>Repeal-and-savings clause preserves tax proceedings, elections, refunds, penalties, and carry-forwards for pre-April 1, 2026 tax years</h1> The repeal-and-savings clause preserves continuity when the 1961 Income-tax Act is repealed: pending and future proceedings relating to tax years beginning before 1 April 2026, elections, refunds, recovery, penalties, carry-forwards of losses/credits/depreciation, notified schemes and searches/requisitions remain effective and are to be dealt with under the repealed Act or corresponding provisions of the new Act. Key differences between the introduced and enacted texts: the enacted version more clearly preserves proceedings initiated after commencement but concerning pre-cutoff years, ties search/requisition protection to the Act's commencement (not a fixed date), adds a rule translating references to tax year 2025, and alters the fallback provision for schemes, reducing transitional uncertainty.
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