Income Tax · Topic
Income-tax Act 2025 & Regime
The new Income-tax Act 2025, the tax-year shift, slab structure, default-vs-old regime and Section 87A rebate.
Articles in this topic 3
- 01
The Income-tax Act, 2025
After six decades of patchwork amendments, the Income-tax Act, 1961 is being replaced. The Income-tax Act, 2025 (Act No. 30 of 2025) was passed by Parliament and notified as effective from 1 April 2026. This comprehensive guide explains what changes -- and just as impor…
- 02
Tax Year versus Assessment Year
One of the most visible changes from 1 April 2026 is the terminology shift. The Income-tax Act, 1961 used 'previous year' (the year of earning) and 'assessment year' (the year of assessment) as a duality. The Income-tax Act, 2025 introduces 'tax year' as the unified con…
- 03
New Income-tax Slabs for Tax Year 2026-27
Finance Act, 2024 (No. 2) restructured the new-regime slabs, kept it the default, and enhanced the standard deduction to INR 75,000. For tax year 2026-27 (financial year 2026-27), the old-regime slabs continue unchanged. The question every salaried taxpayer asks remains…