New Income Tax Act from April 1: What Taxpayers Must Know Now

• The New Income Tax Act, 2025 will replace the Income Tax Act, 1961 from April 1, aiming to simplify tax administration.
• Government clarifies the basic tax structure remains unchanged; focus is on simplifying language and digital processes for easier return filing.
• CBDT is preparing updated forms and procedures, integrating technology for automated assessment and data handling.
• Taxpayers are advised to stay updated on official notifications, organize financial records, and seek expert guidance for changes.
• CBDT is training its staff to properly understand and explain the new tax laws to taxpayers, promoting voluntary compliance.

Why It Matters: New Income Tax Act 2025 takes effect April 1, simplifying compliance with updated rules and tech.