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

• India's new Income Tax Act 2025 comes into effect from April 1, 2026, replacing the 1961 Act.
• The new law aims for simplicity, clarity, and easier compliance, with approximately 50% fewer sections than the old act.
• Tax rates, personal taxes, and advance taxes will not change; rate adjustments will occur via annual Union Budgets.
• Key structural changes include a single 'Tax Year' concept, replacing 'Previous Year' and 'Assessment Year'.
• TDS refunds can now be claimed even if returns are filed after the due date, without penalty.

Why It Matters: The new Income Tax Act 2025 simplifies India's tax system, making it clearer and easier to comply with.