Income Tax Act, 2025 comes into effect, replaces 6-decade-old law

The Income Tax Act, 2025, came into force on Wednesday, replacing the six-decade-old Income Tax Act, 1961. The new Act contains 536 sections and 16 schedules, compared to 819 sections and 14 schedules in the older law. It aims to reduce complexity by incorporating explanations into the main text, using tables and replacing the term "previous year" with "tax year".