Form 16 is Dead. Meet Form 130: India's Biggest Tax Shake-Up in 64 Years



Quick Summary
India is undergoing its most significant tax reform in 64 years with the introduction of the Income-tax Act, 2025, replacing the 1961 Act. This overhaul includes a substantial reduction in tax forms from 399 to 190 and the introduction of a single 'Tax Year' concept to simplify previous 'Previous Year' and 'Assessment Year' distinctions. The new forms aim for simpler language, standardised fields, and better tech integration, with the widely recognised Form 16 being replaced by Form 130.

A Change I Personally Waited For Let me be honest with you, when I first heard that the Income-tax Act, 1961 was finally being replaced, my reaction was not anxiety. It was relief. Even happiness. I have been in this profession for fifteen years. When I started out, the Act was already decades old
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