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The Institute of Chartered Accountants of India (ICAI) has launched the Income Tax Act, 2025, a landmark overhaul of India's tax legislation, set to take effect from April 1, 2026. Released on 8th September 2025, this 818-page bare act, complete with a tabular mapping of sections vis--vis the Income-tax Act, 1961, promises a streamlined, taxpayer-friendly approach to taxation. Priced at Rs 500, the publication is now available to ICAI members, marking a significant step toward simplifying India'
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FAQ :
The Income Tax Act, 2025 is set to take effect from April 1, 2026.
The new Act reduces the total sections from 819 to 536 and chapters from 47 to 23, uses simpler language, and replaces terms like 'Assessment Year' and 'Previous Year' with 'Tax Year'.
Yes, the Act introduces 'Virtual Digital Assets (VDAs)' to cover cryptocurrencies and tokenised assets.
ICAI's Direct Taxes Committee (DTC), led by Chairman CA. Piyush S. Chhajed and Vice-Chairman CA. Vishnu Kumar Agarwal, played a pivotal role, with over 90 of their recommendations integrated into the Act.
The publication is priced at Rs 500.
The Act aims to enhance efficiency, transparency, and compliance by simplifying language, restructuring provisions, reducing administrative costs and litigation, and fostering a digital-first enforcement environment.
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