Quick Summary
In a significant move aimed at streamlining India's tax framework, the Union Budget 2025-26 has introduced a brand-new Income Tax Act, 2025. While the new tax code does not alter existing tax slabs, it seeks to eliminate redundancies and overlaps, making the tax system more efficient. The revamped l
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FAQ :
The main goal is to streamline India's tax framework by eliminating redundancies and overlaps, making the tax system more efficient and easier to understand.
No, the new tax code does not alter existing tax slabs.
The Central Board of Direct Taxes (CBDT) is the nodal agency responsible for implementing the new tax code.
The government has set an April 1, 2026, deadline for the implementation of the new Act.
Taxpayers can expect simplified tax forms, updated references to new section numbers, and the elimination of outdated provisions, leading to enhanced transparency and reduced ambiguities.
The new Act contains 2,60,000 words, which is nearly half the length of the old Act.
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