September 3, 2025 3:34 PM

A Simpler, Smarter Tax System: India’s Income Tax Act, 2025

India has ushered in a transformative shift in its tax law with the passage of the Income Tax Act, 2025, officially notified on 3rd September 2025, and set to come into effect from 1st April 2026. This new legislation is not about raising taxes but about simplifying the experience, streamlining language, removing outdated provisions, and reorganizing for clarity. A stand-out change is the replacement of confusing terms like “Assessment Year” and “Previous Year” with a single, clear conce...