The Income Tax Act 2025 introduces a significant change by eliminating the 'Assessment Year' system and implementing a new Tax Year that begins on April 1, 2026. This reform aims to clarify the relationship between the year in which income is earned and the year in which it is taxed, addressing a long-standing source of confusion. Unlike the previous framework established under the 1961 Act, which differentiated between the Financial Year and the Assessment Year, the new approach creates a direct and transparent connection between income and the corresponding tax rates. This guide highlights key implications for taxpayers, emphasizing the streamlined filing process and the potential for reduced litigation resulting from clearer tax communications. https://saginfotech-ca-software.weebly.com/home/ay-ty-tax-year-new-it-act-2025
","author_name":"Amit Gupta"}