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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.
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