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Income Tax Act 2025
April 3 , 2026
14 hrs 0 min
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- The Income Tax Act, 2025, came into effect from 1 April 2026, replacing the Income Tax Act, 1961.
- The new Act reduces sections from 819 to 536 and rules from 511 to 333 to simplify tax laws.
- The Act reduces the total forms from 390 to 190 to make filing easier and faster.
- TCS (Tax Collected at Source) under LRS (Liberalised Remittance Scheme) is reduced to 2 percent for education, medical, and tour payments above ₹10 lakh.
- FAST-DS (Foreign Assets of Small Taxpayers Disclosure Scheme) allows small taxpayers to declare foreign assets with a reduced penalty.
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