New Income Tax Bill 2025: ‘Tax Year’ to Replace Financial and Assessment Years – Simplified Tax Compliance for All
In a major overhaul of India’s income tax system, the upcoming Income Tax Bill 2025 is set to introduce the concept of a ‘Tax Year,’ replacing the existing terms of ‘financial year’ and ‘assessment year’ under the Income Tax Act, 1961. This change aims to simplify tax filing, reduce confusion, and make compliance easier for millions of taxpayers across the country. What is the New … Read more