This document details the Income Tax Act, 2025, which aims to modernise and simplify India's tax system. Key changes include simplifying language, introducing a 'Tax Year', and defining Virtual Digital Assets. It's designed to be more transparent, efficient, and taxpayer-friendly, replacing the older, complex Income Tax Act of 1961. This updated framework is effective from April 1, 2026, and is useful for taxpayers, tax professionals, and businesses in India.