Yes. The old act is repealed and new Act is effective from 1 April 2025.
| Particular | Income-tax Act, 1961 | Income-tax Act, 2025 |
|---|---|---|
| Effective period | Tax years beginning before 1 April 2026 | Tax years beginning on/after 1 April 2026 |
| Status | Repealed from 1 April 2026, subject to transitional provisions | Current law |
| Terminology | Previous Year + Assessment Year | Tax Year |
| Number of sections | 819 | 536 |
| Schedules | 14 | 16 |
| Drafting style | Numerous provisos, explanations and cross-references | More consolidated and structured |
| TDS provisions | Spread across Sections 192–194T | Mainly consolidated into Sections 392 and 393 |
| Return filing provisions | Spread across different provisions | Section 263 consolidates original, belated, revised and updated returns |
| Forms | Large number of forms | Forms renumbered/restructured |
| Assessment terminology | Assessment Year (AY) | Tax Year (TY) |
| Accounting year | Financial Year / Previous Year | Financial Year continues; Tax Year is aligned with it |
| Basic tax framework | Existing framework | Broadly retained, with restructuring and simplification |
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