Income Tax Act 2025 Has Replaced the 1961 Act: What Every Tax Professional Must Know
Quick Summary Box
| Particulars | Details |
|---|---|
| Old Act | Income Tax Act, 1961 |
| New Act | Income Tax Act, 2025 |
| Date of Presidential Assent | 21 August 2025 |
| Effective Date | 01 April 2026 |
| Old Act Sections | 819 sections + 14 schedules |
| New Act Sections | 536 sections + 16 schedules |
| Old Rules | IT Rules, 1962 (511 rules, 399 forms) |
| New Rules | IT Rules, 2026 (333 rules, 190 forms) |
| Tax Rates Changed? | No — zero change in rates or slabs |
| New Taxes Introduced? | No |
| Governing Authority | Section 536 (Repeal & Savings) |
Income Tax Act 2025 — Complete Professional Guide to India’s New Tax Law: What Changed, What Didn’t, and What You Must Do Now (Effective 01 April 2026)
On 21 August 2025, the President of India gave assent to the Income Tax Act, 2025 — the most significant structural transformation of India’s direct tax framework in over six decades. With effect from 01 April 2026, the Income Tax Act, 1961, which had governed Indian taxation since the era of the Second Five-Year Plan, stands repealed.
Continue Reading...
This is only a preview of the article. The complete article contains detailed analysis, examples, notifications, circulars, case laws, interpretations and practical guidance available to premium members.
This is only a preview of the article. The complete article contains detailed analysis, examples, notifications, circulars, case laws, interpretations and practical guidance available to premium members.
🔒 Premium Content
Subscribe to access complete articles, notifications, circulars, case laws, downloads, videos and premium resources.
Become Premium Member