SECTION 1  |  THE NEW INCOME TAX ACT, 2025 — WHAT CHANGED? India's income tax law has been overhauled for the first time in over 60 years. The Income Tax Act, 2025 (ITA 2025) replaces the Income Tax Act, 1961 with effect from 1 April 2026. The new law does not change tax rates or deductions — it restructures, simplifies, and modernises the legal framework.   1.1   At a Glance — Old Act vs. New Act Parameter Income Tax Act, 1961 Income Tax Act, 2025 Sections 819 Sections 536 Sections Chapters 47 Chapters 23 Chapters Rules 500+ Rules (IT Rules, 1962) 333 Rules (IT Rules, 2026) Time Period Concept Previous Year + Assessment Year Single Tax Year Applicable From Income earned from 1 April 1962 Income earned from 1 April 2026 Language Legal/complex P...