New Income Tax Bill receives President’s Assent, Act will officially come into force from This Date

The New Income Tax Bill has received the President's assent and will officially come into force from October 1, 2025. This marks a significant milestone in India's tax reform journey. The new legislation, which aims to simplify the tax code and reduce compliance burdens, will have a profound impact on taxpayers and businesses alike. The new law will introduce new rules for block assessments in search cases, and it will also clarify the standard deduction under the new tax regime.