Category Income Tax

The Income Tax Act, 2025 has replaced the 1961 Act with effect from 1 April 2026. This article explains the new concept of 'Tax Year', the applicable income tax slabs under the default regime for Tax Year 2026-27, return filing provisions under Section 263, and what every taxpayer must know for the transition year.

The Income Tax Act, 2025 replaces the Annual Information Statement (AIS) known under the 1961 Act with Form No. 168. From Tax Year 2026-27 onwards, Form 168 is the comprehensive statement of all financial information reported to the Income Tax Department.