Income-tax Act, 2025 comes into force from today (1st April, 2026)

• Income-tax Act, 2025 (Act No. 30 of 2025) replaces the Income-tax Act, 1961, India's direct-tax statute for six decades; in force from 1 April 2026.
• A simplification + structural reform — not a policy/rate overhaul; underlying tax policy retained, language and architecture rewritten.
• Brings the single unified concept of "Tax Year", retiring the long-standing duality of "Previous Year" and "Assessment Year".
• UPSC relevance: GS-II (Polity/legislation), GS-III (Economy/fiscal policy, taxation).