Current Affairs - National - Discussion

Discussion Forum : National - Latest Current Affairs (Q.No. 320)

2025-02-17 National

320.

When will the new Income Tax Bill, 2025, take effect?

April 1, 2026

January 1, 2026

April 1, 2025

March 31, 2025

Answer: Option

Explanation:

The new Income Tax Bill, 2025, which was tabled by Finance Minister Nirmala Sitharaman in the Lok Sabha on February 13, 2025, is set to replace the current Income Tax Act of 1961. The bill is scheduled to take effect starting from April 1, 2026, as confirmed by the bill after a review of the existing law that was announced in July 2024.