New Income Tax Act 2025 has 16 major changes, additions
The Income Tax Bill, 2025, effective from April 1, 2026, simplifies India's tax system by replacing the 1961 Act. Key changes include the introduction of a 'tax year,' stricter rules for loss set-offs, new presumptive taxation for non-residents, restrictions on capital gains exemptions, and revised corporate tax provisions. The reforms aim to streamline compliance and make taxation transparent.