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How did the Income Tax Department complete the “mammoth” task of rationalising and simplifying the huge Income Tax Act 1961 in just about six months, and then implementing the Select Committee’s voluminous suggestions in just one month? By cramming in 75,000 man-hours of work in that time and even putting probationers on the job, that’s…
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President Droupadi Murmu has given her assent to the Income-tax Act, 2025, which will replace the archaic Income Tax Act, 1961. The Income Tax Act, 2025, will come into effect from the next financial year, beginning April 1, 2026. The new Act will make tax laws simple and reduce wordage in the legislation, making it…
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