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The Income-tax Act, 2025, as amended by the Finance Act, 2026, has officially come into force from April 1, 2026, marking a major overhaul of the country's direct tax framework. To support professionals and stakeholders during this transition, the Institute of Chartered Accountants of India (ICAI)
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The Income-tax Act, 2025, came into force from April 1, 2026.
The main goal is to simplify India's complex tax structure by introducing clearer language, structured provisions, and improved readability, making compliance easier for taxpayers.
ICAI has released a revised edition of its publication that provides a tabular mapping of sections between the new Income-tax Act, 2025, and the legacy Income Tax Act, 1961.
Over 150 suggestions from ICAI have been incorporated into the Income-tax Act, 2025, and the Income-tax Rules, 2026.
Key reforms include the decriminalisation of certain offences, relief in cases of under-reporting due to misreporting, rationalisation of tax rates on unexplained income, and compliance simplifications for taxpayers.
ICAI is conducting webinars, nationwide seminars, outreach programs, and professional training initiatives to equip Chartered Accountants and stakeholders with the necessary knowledge.
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