India's New Income Tax Act 2025: Simpler, Clearer, Effective April 1

• India replaces the 64-year-old Income Tax Act, 1961, with the new Income Tax Act, 2025, effective April 1.
• The new law aims for simplification, clarity, and ease of compliance, reducing text and sections by nearly 50%.
• It is revenue-neutral, with no changes to personal or corporate tax rates; focus is on modernizing the framework.
• Key reforms include a single 'tax year' concept and allowing TDS refunds even for delayed IT return filers.
• Rules and return forms will be notified after the FY27 Union Budget, integrating new policy decisions.

Why It Matters: India's new Income Tax Act 2025 simplifies direct taxation, making it clearer and more taxpayer-friendly from April 1.