New Tax Year Start Date 2025. This will replace the current concept of assessment year (or previous year) from the income tax act. New income tax bill, 2025 has been introduced in parliament by finance minister nirmala sitharamn on 13th feb 2025.

As noted above, the total words in the new income tax bill, 2025 are around 2.6 lakhs, as against 5.12 lakh words in the income tax act, 1961. Some of the chapters where substantial reduction of.