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#Tax Year

2 articles

Goodbye Previous Year and Assessment Year: How the 'Tax Year' Concept Works From 1 April 2026

Priya Sharma · Apr 8

Income Tax

From 1 April 2026, the Income-tax Act, 2025 replaces the twin previous year / assessment year convention with a single Tax Year label — TY 2026-27 covers 1 April 2026 to 31 March 2027. Income up to 31 March 2026 stays under the 1961 Act as AY 2026-27; later income moves to the new Act.

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The Income-tax Act, 2025 Is Now in Force: What Every Tax Professional Must Know

Sanjay Patel · Apr 1

Income Tax

The Income-tax Act, 2025 replaced the 65-year-old IT Act, 1961 from 1st April 2026. Key changes: 536 sections (down from 819), unified Tax Year replacing PY/AY, TDS consolidated into Sections 392-393, 190 simplified forms, and Section 536 transition provisions.