Quick Summary
The Income Tax Act, 1961 will stand repealed with effect from April 1, 2026, by virtue of Section 536 of the Income Tax Act, 2025. The transition marks a significant shift in India's taxation framework as the new Income Tax Act, 2025, comes into full effect. As part of this change, the government h
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FAQ :
The Income Tax Act, 1961 will be repealed with effect from April 1, 2026.
The new Income Tax Act, 2025, will come into full effect, replacing the Income Tax Act, 1961.
Correction statements for specified past financial years can be filed up to March 31, 2026.
The deadline applies to FY 2018-19 (Q4), FY 2019-20 to FY 2022-23 (all quarters), and FY 2023-24 (Q1 to Q3).
From April 1, 2026, no correction statements for the specified financial years will be accepted as they will be barred by limitation.
Deductors, collectors, and other stakeholders are advised to complete all pending corrections well before the March 31, 2026 cut-off date to avoid compliance issues.
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