The New Income-tax Act, 2025, Explained: 'Tax Year' Replaces Assessment Year, and What Changes for You
The Income-tax Act, 2025 replaced the 1961 law on April 1, 2026. It cuts the law from 819 sections to 536 and replaces 'previous year' and 'assessment year' with a single 'tax year'. It imposes no new tax. Here is what changes for salaried people, pensioners and small businesses.
The Daily