CBDT to roll out new I-T forms, rules and FAQs; clarity on what might remain changed from April 1
The government has clarified that income earned in FY 2025–26 will continue to be governed by the existing Income-tax Act, 1961, even though the new law becomes effective from April 1, 2026. This is significant because the assessment of FY 2025–26 income takes place in Assessment Year 2026–27, which coincides with the first year of the new Act.
The government has clarified that income earned in FY 2025–26 will continue to be governed by the existing Income-tax Act, 1961, even though the new law becomes effective from April 1, 2026. This is significant because the assessment of FY 2025–26 income takes place in Assessment Year 2026–27, which coincides with the first year of the new Act.
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