Tax Column

Arvind DSIJCategories: DSIJ_Magazine_Web, DSIJMagazine_App, Regular Columns, Tax Column, Tax Queries
Tax Column

Although the I T Act 2025 has come into force with effect from April 1, 2026, the provisions of this new Act apply only to financial years starting after April 1, 2026. As such, transactions relating to the financial year 2025-26 fall under the ambit of the I T Act 1961. Therefore, while filing your tax return for assessment year 2026-27, you have to consider the provisions of the I T Act 1961.

Although the I T Act 2025 has come into force with effect from April 1, 2026, the provisions of this new Act apply only to financial years starting after April 1, 2026. As such, transactions relating to the financial year 2025-26 fall under the ambit of the I T Act 1961. Therefore, while filing your tax return for assessment year 2026-27, you have to consider the provisions of the I T Act 1961. 

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