New Delhi, March 31 -- India will roll out the Income-tax Act, 2025, from April 1, Wednesday, replacing the six-decade-old Income-tax Act, 1961, in a major reform aimed at simplifying the country's tax framework while retaining the existing tax structure.
The government has clarified that the new law does not introduce any new taxes or increase the tax burden, but focuses on making the system clearer, more transparent and easier to comply with.
The reform is being positioned as a complete structural simplification of the law. Over the years, the 1961 Act had become complex due to numerous amendments, provisos and explanations.
The new Act reduces this complexity by cutting down sections from over 800 to about 536, trimming rules and form...