Income Tax Act 2025 – A Complete Guide to the New Tax Law The much-anticipated Income Tax Act 2025 was introduced in Parliament on February 13, 2025. A dedicated committee is now reviewing the bill and will submit its report before the Monsoon Session. The Income Tax Act 2025 PDF has been released for public access, providing insights into the proposed reforms and changes. Let’s dive into the major highlights of the new tax framework and its impact. Effective Date of Income Tax Act 2025 A common query among taxpayers is when the Income Tax Act 2025 will come into effect. The new law will be applicable from April 1, 2026 , meaning the first financial year under this act will be FY 2026-27. Impact on CA, CS & CMA Students For students preparing for taxation exams, here’s the transition timeline: Until March 31, 2026 – Exams will follow the Income Tax Act 1961. From April 1, 2027 – Exams will be based on the Income Tax Act 2025 . Objectives of the Income Tax Act 2025 The ...