The Income Tax Bill, 2025 is proposed to come into force in India with effect from 01 April 2026, which will replace the old Income Tax Act, 1961, the proposed Bill has total of 536 sections and 16 schedules.
The old Income Tax Act, 1961 was enacted in 1961 which is now a 64 year old Act, in India, the Income Tax Act is being amended almost every year in the form of Finance Act being passed in the Annual Budgets, which has made the old law a cumbersome law.
One of the major change being made is that non filing of ITR has now been a non-cognisable offence meaning thereby, where earlier law did not specifically mentioned that the non filing of Income Tax return in India will not be a non-cognisable offence, but now the new law has provided for the same which is being celebrated as it leads to the end of income tax terrorism in India.