India to Welcome New Income Tax Act on April 1: Drastic Reduction in Sections and Simplified Compliance Ahead!?

In a historic overhaul of India’s fiscal landscape, the six-decade-old Income Tax Act of 1961 is set to be retired, making way for the Income Tax Act, 2025. This landmark legislation, which has already received parliamentary approval and presidential assent, is scheduled to come into force on April 1, 2026.