The Economic Times

New Income Tax Act 2025 to prioritize simplicity and stakeholder engagement, says FM Nirmala Sitharaman

Finance Minister Nirmala Sitharaman announced the Income Tax Act 2025, replacing the 1961 Act with a simpler, more concise framework effective April 1, 2026. The new law aims to foster voluntary compliance through extensive stakeholder consultation and a focus on taxpayer partnership, not adversarial relationships.