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Deccan Chronicle

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Explainer: Simplified Income Tax Act, 2025, To Come into Force from April 1

The new law simplifies the tax timeline by doing away with the distinction between the assessment year and the previous year, replacing it with a single 'tax year' framework. It also allows taxpayers to claim TDS refund even when ITRs are filed after deadlines, without any penal charges.

11 Jan 2026 11:28 am