Tax
New Income-tax Act 2025 replaces the 1961 Act from April 2026
GST has applied to most indirect taxation since 2017. On the direct side the Income-tax Act 2025 received assent in August 2025 and takes effect from 1 April 2026, replacing the 1961 Act.
Key rules
- Deadline — Income tax return by 31 July for individuals, 31 October for audited entities
- Deadline — GSTR-3B monthly by the 20th of the following month
- Deadline — Advance tax in four instalments: 15 June, 15 September, 15 December, 15 March
Governing law
- Income-tax Act, 2025effective 1 April 2026
- Income-tax Act, 1961applies up to AY 2026-27
- Central Goods and Services Tax Act, 2017
- Integrated Goods and Services Tax Act, 2017
In practice
Corporate tax is 22 percent effective for domestic companies electing the concessional regime, 15 percent for new manufacturing. GST operates as CGST plus SGST on intra-state supplies and IGST on inter-state, with rates in slabs and a September 2025 rationalisation collapsing several. Equalisation levy on digital services was withdrawn. Because the 2025 Act renumbers sections wholesale, citations will need translating for years — check which Act applies to the assessment year in question.