®
TaxReply India Private Limited
Best GST Library
Subscription Plans
TaxGPT
GST News | Updates
GST Calendar
GST Case Laws
GST Case Laws Sitemap
GST Notifications, Circulars, Releases etc.
Act & Rules
Act & Rules (Multi-view)
GST Rates
HSN Codes New
GST Forms
GST Diary
GST Notebook
GST Fees Manager
GST Council Meetings
GST Set-off Calculator
ITC Reversal Calculator
E-invoice Calculator
Inverted Duty Calculator
GSTR-3B Manual
GSTR-9 Manual
GSTR-9C Manual
Full Site Search
E-way Bill
Finance Bill
GST e-books
®
WhatsappGroup
@taxreply
TaxReplyCommunity
7.44k
New Income Tax Act, 2025 / Income Tax Bill, 2025.
New Income Tax Bill, 2025 has been introduced in parliament by Finance Minister Nirmala Sitharamn on 13th Feb 2025.
New Income Tax Bill introduces concept of "Tax Year", which will replace decades old concept of "Previous Year" and "Assessment Year" in the old income tax.
No more confusion of Financial Year, Assessment Year as new bill will remove concept of assessment year and previous year.
Section 1. Short title, extent and commencement
(1) This Act may be called the Income-tax Act, 2025.
(2) It extends to the whole of India.
(3) Save as otherwise provided in this Act, it shall come into force on the 1st April, 2026
Section 3. Definition of “tax year”:
(1) For the purposes of this Act, “tax year” means the twelve months period of the financial year commencing on the 1st April.
(2) In the case of a business or profession newly set up, or a source of income newly coming into existence in any financial year, the tax year shall be the period beginning with—
(a) the date of setting up of such business or profession; or
(b) the date on which such source of income newly comes into existence, and,
ending with the said financial year.
Combined reading of Section 1 and Section 3 of Income Tax Bill, 2025 suggests that this Bill will be applicable form tax year 2026-27 i.e. FY 2026-27.
Digital GST Library
Plan starts from
₹ 5,000/-
(For 1 Year)
TaxReply
Feb 12, 2025
Post your comment here !
|
Login to Comment
|
Other Important Updates
CBIC issued new instructions for GST Officers to streamline the process of GST Registration Applications.
18 Apr 2025
7.67k
Can Department withhold GST refund sanctioned by Appellate Authority without filing appeal against such order?
15 Apr 2025
4.31k
GSTN implements Phase III changes in Table 12 of GSTR-1 or GSTR-1A from April 2025: GSTN Advisory
11 Apr 2025
4.49k
GSTN Advisory for Biometric-Based Aadhaar Authentication and Document Verification for GST Registration Applicants of Assam
3 Apr 2025
3.96k
GSTN has made 2-Factor Authentication mandatory for All taxpayers for e-invoice and e-way bill from today 1st April 2025.
1 Apr 2025
11.34k
|
☛ Read more updates...
|
Apr
25 Apr
☑ Half-Yearly | ITC-04
ITC-04 for the half year (Oct - Mar 2025) (For taxpayers > 5 Cr. Turnover) - Rule 45.
☑ Annual | ITC-04
ITC-04 for complete FY 2024-25 (For taxpayers <= 5 Cr. Turnover) - Rule 45.
28 Apr
☑ Monthly | GSTR-11
GSTR-11 for the m/o Mar 2025 (Statement of inward supplies by persons having Unique Identification Number (UIN)).
30 Apr
☑ Quarterly | QRMP
Last date for opt-in / opt-out QRMP Scheme for quarter Apr - June 2025 (Rule 61A)